KEY POINTS:
Financier Hanover Group has sold the Jack Nicklaus-designed Kinloch Golf Course near Taupo and many of the surrounding properties under mortgagee instructions after the development failed to take off.
But the Business Herald understands some parts of the project have not been sold, including the Fairway Lodge and the Links, a large housing subdivision.
The project was one of the largest Hanover has funded.
Colliers International agent John Goddard marketed the $57.7 million sale under mortgagee instruction.
He sought buyers for the 18-hole golf course and club house (worth $18 million) 68 residential sections (each worth $535,000) and a lodge/hotel site, clubhouse and 50-unit villa complex ($3.52 million).
All the properties were to be sold as one lot in the private treaty deal.
Hanover said yesterday a domestic purchaser had bought the assets for an undisclosed sum.
Hanover's Bruce Gordon said the golf course and bulk developments sites had been sold.
Hanover sought a sale of the assets in May "in order to protect value in the assets for its investors".
The secondary backer for Kinloch was FE Investments, half-owned by finance company First Eastern Finance.
In March last year, Nicklaus, the American winner of a record 18 majors known as the Golden Bear, hit the first drive to open the Jack Nicklaus signature golf course.
