A multi-million-dollar lodge linked to well-known Kiwi horse breeder Bill Gleeson failed to hit the reserve at a mortgagee auction on Friday.
Four properties were on the block but only three sold, with the main attraction, the 26ha Wellfield Lodge, Manawatū-Whanganui, passing in at $2.22 million.
A 39ha holding at 126 Setters Line sold for $1.25m while two vacant lifestyle blocks at 168 Settlers Line and 150 Setters Line sold for $400,000 and $350,000.
Bayleys agent Mark Monckton, who marketed all four properties with colleague Jack Monckton, told OneRoof he wasn't sure how many bidders put their hands up in the room, but felt the auction had given them a steer on where the eventual price would land for the Wellfield Lodge.
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"It will be available now for price by negotiation, we'll see where we get in the next couple of day," he said. The agents had earlier said to disregard the $7.75m RV for the parcel of properties.
Wellfield Lodge first hit the market in November last year but in late May the listing agents announced that it would be auctioned on July 5, declaring it was “now a required sale” by the mortgagee.
Wellfield Lodge, at 311 Kairanga Bunnythorpe Road, comes with an impressive five-bedroom home, swimming pool, separate flat and extensive equine facilities.
The luxury home, linked to horse-breeder Bill Gleeson, comes with an outdoor pool. Photo / Supplied
The property will now go back to market. Photo / Supplied
Gleeson's breeding operation has produced a string of winners, but the agents said ownership was in trust and they could not disclose who the trustees were, nor any more details of why the mortgagee was selling the stud farm.
Wellfield Lodge was originally built and operated as a horse stud and has significant built-for-purpose equine facilities. The stud’s website lists some of its outstanding group 1 horses (Group 1 are the highlight events on the racing calendar) including stallions Alamosa, Road To Rock and Vespa, which have had progeny successes in New Zealand, Australia and Asia.
When he first put the property on the market last year, Gleeson told New Zealand Thoroughbred Breeders’ Association's Love Racing news site that most of the bloodstock would be dispersed and farm manager Peter Didham planned to go into training.
“We got to a stage in our life where we wanted to downsize a bit,” Gleeson said in the article.
- 311 Kairanga Bunnythorpe Road, in Bunnythorpe, Manawatū-Whanganui, is for sale
