A luxury lifestyle property linked to a director for the failed Du Val group passed in at auction today.
The five-bedroom home in Tamahere, on the outskirts of Hamilton, is part-owned by lawyer Owen Culliney, who resigned from the property development group on the day it was put in statutory management.
Auctioneer Mark Sumich told those in the auction room today that buyers “couldn’t help but be impressed” by the property’s attention to detail and position.
However, that wasn’t enough to attract any bids, and the house, which comes with a heated swimming pool and cherry tree-lined driveway and boasts an RV of $2.19 million, was passed in.
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“Now I know there’s been widely fluctuating opinions on value here. I’m here to discuss those with you, but only if you are prepared to nominate something off the floor,” Sumich said at the Lugtons auction.
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Property records show the house is owned by Culliney’s wife and CcT Limited, of which Culliney and his wife are the sole shareholders. OneRoof records show they paid $1,686,628 for the house in March 2018.
The property hit the market at the start of the month, with Lugtons listing described the 341sqm home as a “luxury lifestyle” home that was a “spacious, sun-drenched sanctuary”.
“Unadulterated Kiwi-style luxury doesn’t come much better than this,” the listing added.
Culliney is co-founder and partner of Hamilton law firm iCLAW and was also a director and trustee of the Du Val Group until resigning from his director roles two weeks after the Financial Markets Authority appointed receivers and the same day it was put in statutory management. The New Zealand Herald reported last week that 22 entities he was a director of are now in statutory management.
The five-bedroom, three-bathroom home has an "on-show" kitchen and scullery. Photo / Supplied
The heated swimming pool was added in mid-2018. Photo / Supplied
According to a new report by the Cabinet-appointed statutory managers PwC, businesses in the Du Val group owe an estimated $237.6m.
The businesses were headed by Charlotte and Kenyon Clarke.
Du Val had many activities including property development, development funding, selling property, taking funds to invest, portfolio management and facilities management for larger developments or landlords.
Police entered the Remuera home of the Clarkes in August, and asset preservation orders were issued as well as interim receivership orders made directly against the Clarkes.
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