KEY POINTS:
The freehold interest on which luxury alpine lodge Grasmere is situated is up for mortgagee sale by September 26.
Grasmere Lodge, managed by Tom Butler, leases the land and buildings from owner company Grasmere Estate Trustco.
That company is owned by James Peters, the managing director of property development business Starline Properties, and who is also the owner of the property financier, Rifleman.
Peters says it's not worth trying to sell anything in this market because values have dropped, so if the lender wants its money, it has to sell the property itself.
However, he also says Starline will sell down all of its real estate except for undeveloped parts of the Gulf Harbour estate owned by its associated company, Gulf Corporation.
The lease will transfer to the next owner as a going concern.
Butler believes the property in the Southern Alps, west of Christchurch, is likely to be sold to a foreign investor.
