A multi-million-dollar lodge linked to well-known Kiwi horse breeder Bill Gleeson has sold for an undisclosed amount after failing to hit the reserve at a mortgagee auction.
The listing agent for the 26ha Wellfield Lodge, on Kairanga Bunnythorpe Road, near Palmerston North, confirmed the sale to OneRoof, but declined to reveal the sale price.
The lodge, which has an RV of $7.75m, was one of four related properties up for grabs at last month's mortgagee sale. It passed in after bidding hit a $2.22m ceiling.
Bayleys agent Mark Monckton, who marketed all four properties with colleague Jack Monckton, told OneRoof last month the auction result had given him a steer on where the eventual price would land.
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The agents had earlier urged buyers to disregard the $7.75m RV.
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.
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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.
The luxury lodge, linked to horse-breeder Bill Gleeson, boasts a swimming pool, separate flat, and extensive equine facilities. Photo / Supplied
The agents had urged buyers to ignore the $7.75 RV. Photo / Supplied
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.
The neighbouring 39ha holding at 126 Setters Line sold under the hammer last month for $1.25m while two vacant lifestyle blocks at 168 Settlers Line and 150 Setters Line sold at the same mortgagee sale for $400,000 and $350,000.
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