A clifftop mansion snapped up for $9 million at a mortgagee sale last year mysteriously reappeared as a live listing three months later and is still on the market for sale after passing in at auction this week, OneRoof can reveal.
The five-bedroom luxury home on Cliff Road, in the wealthy Auckland suburb of St Heliers, was owned by a property developer whose company reportedly ran into financial trouble during the post-Covid house price slump.
It was picked up in November by a vendor who did not wish to be named for just below CV after being listed as a mortgagee sale with Barfoot & Thompson agents Philip Davis and Rocky Liu.
In February, the property hit the market again, with the new listing on OneRoof with Bayleys agents Gary and Vicki Wallace declaring: “Vendor wants sold!”
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Gary Wallace, who previously marketed the property in 2020, told OneRoof that the purchaser did some work on the property, but decided to re-list it. “I had it for a number of months but I couldn’t find a buyer. When my listing expired, I thought the vendor should take a fresh approach with another couple of agents from Bayleys,” he said.
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Bayleys colleagues David Rainbow and Harry Cheng took the property to auction this week, but failed to find a buyer willing to meet the vendor’s expectations, with just one bidder turning up on the day.
Cheng told OneRoof after the auction: “I think all owners want as much as they can possibly get. We had a few people tell us this would be a $10m-plus property in a good market. So, it really depends on the current market and what the buyer is happy to pay and what is acceptable to the vendor. That will define the market value.”
Asked why the vendor was selling after such a short period of ownership, Cheng replied: “Everybody has their own set of circumstances and they do not want to disclose that to the public.”
He said there was still interest in the house and he was talking to multiple parties. “There were a couple of people who asked me to ring them back after the auction. There was interest but again it’s probably the time to find out how strong the interest is and where exactly it’s sitting in terms of money.”
This listing described the Sumich-designed property as a contemporary waterfront home with expansive harbour views.
Another St Heliers mansion that was listed last year as a mortgagee sale is still up grabs.
The four-bedroom, three-bathroom luxury home at 7 Cheverton Place escaped being sold by the mortgagee at the end of last year but reappeared as a listing in March at the behest of the vendor.
The house, which is listed with UP agent Bryce Hawkins and has a CV of $6.5m, has an asking price of $4.995m – below the $5.6m the vendor paid in 2021.
Business Desk reported last year that the property was associated with failed property developer Greg Olliver.
- 55 Cliff Road, St Heliers, is for sale by way of price by negotiation
