Work restarts on Hotchin's stalled mansion

Some building activity has resumed on the $30 million Paritai Drive mansion of Mark Hotchin. Photo / Steven McNicholl

Building work has resumed on Mark Hotchin's stalled $30 million mansion.

Yesterday the Hanover co-founder's 4322sq m Paritai Drive property in Orakei - which neighbours say has blocked views and de-valued their homes by hundreds of thousands of dollars - appeared deserted with two lone figures talking on cellphones by the site office.

One laughed and walked away when spoken to. But an insider told the Herald work began again on Monday.

"The builder Mark Stevenson's in there, he was the project manager, and he's continuing to build," he said. "You can't be stone broke if you're off holidaying offshore, can you."

A Sunday newspaper reported the project - which Mr Hotchin said he planned to live in with his family - was halted because he could not afford to make payments.

Last week it emerged he had flown his personal trainer to Hawaii where he is holidaying with family. The trainer was there to play tennis, teach Mr Hotchin how to surf and help improve his golf swing.

Mr Hotchin and Hanover co-founder Eric Watson left more than 16,000 investors out of pocket when they froze $554 million worth of assets. The pair had taken $91 million in dividends in the years before defaulting on payments and have copped flak for continuing to live extravagant lifestyles.

Mr Hotchin's island holiday is reportedly worth about $400,000 and Mr Watson fractured his back on a European skiing holiday last month.

Yesterday Paritai Drive contractors leapt to his defence, maintaining Mr Hotchin always paid up and was "very pleasant" to deal with.

"There's never been a problem with payment, he's our best payer actually," said Sean Power, of Power Plasterers.

His company had been there "since day one" three years ago, he said.

Allco Agencies managing director Alex Valentine echoed his sentiments.

"All the stuff we have done we've been paid for," he said. "We've done a lot of work there and at this stage there have been no issues."

Mr Hotchin's 1000sq m Parnell home is on the market. According to Quotable Value it has a current rateable value of $5.3 million after he paid $2.3 million for it in 1999.

He also has a 4ha farm at Boatshed Bay on Waiheke Island, which he reportedly paid $13.85 million for.

Meanwhile, investors say Newstalk ZB broadcaster Mike Hosking's defence of Mr Hotchin is ill-informed, with many of them promising to turn off his radio show.

Herald readers - many of them investors with finance company Hanover - responded angrily to Hosking's on-air comments that Mr Hotchin was a victim of tall poppy syndrome.

Hosking said the businessman's separation of private and company money was standard business practice.

One reader suggested Hosking had been "sipping too many lattes in Parnell", and had fallen too quickly for Mr Hotchin's apology to investors. Aucklander Tua Saseve argued that New Zealanders' criticism of Mr Hotchin had nothing to do with tall poppy syndrome.

"I suggest people would have the same reaction in any part of the world. It is not a good look for Mr Hotchin to be doing what he is doing given the circumstances."

"Wake up Hosking," said another reader.

"If it was your money that was lost, would you be so charitable? I don't think so. You've just turned off a listener."

Hosking had seen parallels between the media's hounding of Mr Hotchin and his own privacy battles.