Owner of $24m Waiheke vineyard estate receives pre-auction offer, but holds out

The owner of a Waiheke Island vineyard and home valued at $24 million has received an offer before Friday's on-site midday auction - but he remains determined to test the market by still holding the event.

David Parkinson of Te Rere Cove said this morning: "We have an offer subject to funds coming into New Zealand. However, we obviously will not be signing that until proof that the funds are cleared."

One of New Zealand's most expensive properties will still go to auction in two days' time, he said.

"As things stand, the auction is definitely going ahead," he said but if that changed he would inform people.

Registrations of interest had already been received and Parkinson said he expected more, probably on the day.

The businessman formerly of Cartridge World in Britain said he recently had the property valued by Andrew Buckley of Seagars "and it came out at $24 million, conservatively".

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An overseas buyer - understood to be frustrated with the costs associated with buying one of New Zealand's most exclusive properties - withdrew an application to purchase from the Overseas Investment Office a few weeks ago.

The office was in the process of assessing the application from the buyer of the Church Bay Rd estate but confirmed that "the applicant withdrew the application".

The property has an 1800sq m home on its site near Mudbrick Restaurant and Vineyard.

Parkinson and wife Dee Crawford have had the place listed for sale for the past six years with many agents, including Graham Wall, Bayleys and Barfoot & Thompson. He only finished it around 2011 and first put it on the market in 2012 but no one bought.

It was designed in an early New Zealand colonial style by Waiheke architectural designer Bryce Ardern, partly inspired by Kauri Cliffs, developed by American billionaire philanthropists Julian and the late Josie Robertson.