NZ$20,000,000 mansion finally sells after costing an overseas buyer $500,000
The buyers hold New Zealand passports!
Te Rere Cove, at 205 and 205a Church Bay Rd near Oneroa, includes a 2.4-hectare vineyard and is owned by David Parkinson and his wife Dee Crawford.
The property has 6 bedrooms, 7 bathrooms, a powder room and an indoor swimming pool. Materials including French oak, limestone seashell tiles and granite make it exceptionally luxurious.
After 7 years on the market, this mansion, among New Zealand’s finest, has finally sold.
Luxury property agency Graham Wall Real Estate recently announced that the colonial-style mansion with sea views has a new owner.
“After years of back and forth, the renowned Te Rere Cove has finally sold.”
Te Rere Cove was listed 7 years ago. Agencies including Walls, Ray White, Sotheby’s Realty, Kellands, Bayleys and Barfoot & Thompson all tried unsuccessfully to find a buyer.
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An overseas buyer had previously made an offer and paid a $500,000 deposit.
However, the buyer pulled out in September last year.
Because the property sits on sensitive land, New Zealand government approval was required before it could be sold to an overseas buyer.
Yet after more than a year of waiting, government approval still had not come through!
Last month, the owners decided to give Graham the exclusive listing and offer 205 and 205a separately.
The buyers have now paid a 10% deposit, and settlement is imminent.
Wall said last month: “This is the first time Te Rere Cove has been offered as separate properties, with the main residence occupying 8.8 hectares and the other parcel comprising 5 hectares of vacant land. The owners have made it clear that the property will sell on or before 20 June, with no offers accepted after the tender deadline.
Although Wall did not disclose the sale price, records from the auction on 19 October last year show that the highest bid was NZ$18,500,000. This fell short of the sellers’ expectations, and the property did not sell. Its government valuation in 2018 was NZ$24,000,000.
On that basis, the final price should fall within the $18,500,000–24,000,000 range.
Wall said today: “The buyers hold New Zealand passports. It is not yet clear whether they will live there themselves.”
Te Rere Cove was designed by Waiheke designer Bryces Ardern, partly inspired by Kauri Cliffs, the residence developed by American billionaire philanthropists Julian Robertson and his late wife Josie.