Will it be third time lucky for troubled lakeside estate?

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A trophy development property bordering Lake Wakatipu is on the market for the third time in six years. 

The 38-hectare Walter Peak Estate (right) – across the lake from Queenstown – is consented for a semi-wilderness resort including a lodge building with guest cottages and eight lake-facing homestead sites. 

The property was formerly owned by bankrupted developers Rod Nielsen and Justin Russell’s company, Walter Peak Developments Ltd. 

Nielsen originally bought the land in 2006 from Walter Peak Station owner Ian Koblick for just over $10 million.
Koblick had brought it to market the year before, after getting the land consented for development. 

Mountain Scene reported that Nielsen sold one homestead site to former world No.6 tennis player Wayne Ferreira, of South Africa, for $2.5m. 

But in 2008 the whole property – now including extensive native planting and subdivision infrastructure – was again on the market. 

In December that year, Walter Peak Developments was placed in receivership – and later also into liquidation. 

According to the latest receivers’ report, creditors are owed more than $25m, including $20m-plus to first mortgagee Strategic Nominees Ltd (in receivership). 

Strategic – which has continued to fund landscaping works – has now instructed Harcourts Queenstown to sell the property. 

Harcourts agent Warwick Osborne, who’s again handling the listing, says “based on our expertise in high-profile land sales we expect to receive global interest from developers, investors, property syndicates, hotel/lodge operators, expats and land bankers with the focus to deliver a wilderness experience”. 

“Properties like these are scarce in the world.” 

The new valuations on the property’s seven titles come to $6,215,000, down from $9,560,000 three years ago.
The sales deadline is November 23.