KEY POINTS:
HSBC has called for a mortgagee sale of a large slice of the troubled Gulf Harbour luxury housing and golfing estate north of Auckland.
The bank has demanded the fire sale on sections owned by once-active developer Jamie Peters of Gulf Corporation.
Peters, a media-shy but influential developer, has been working on the $750 million Gulf Harbour project for most of this decade.
In 2001, his Starline bought 100ha of land for $55 million from a company owned by Singaporean investor Goh Cheng Liang, the project's founder.
But HSBC wants 26 sections sold.
Michael Pleciak of Bayleys Realty Group said the land was at Pacific Cliffs and overlooked the 16th and 17th holes of the golf course.
The 26 sections are part of a 38-plot estate. Twelve of the original 38 sections have been sold.
The sections were selling for $545,000 to $1.3 million originally, Pleciak said.
The plots being sold range from 722sq m to 2230sq m but most are about 1000sq m. In June last year, two sections went for $850,000.
Late last year, another bank pulled the plug on a Jamie Peters project.
Westpac called a halt to funding land where the $600 million Rhubarb Lane is planned.
Developer Doug Rikard-Bell bought the land at a Bayleys auction.
Rikard-Bell is planning a 20-building project on the former Auckland City Council works depot, a 2.9ha north-sloping site bounded by Cook St, Wellesley St and Nelson St.
