Property manager Christine Buchanan said Macpherson had stayed at Tahapuke for seven nights.
She enjoyed her stay and signed the visitors' book when she left on Wednesday.
She found the property online through the website placesnparadise.co.nz, which specialised in holiday houses around Russell.
Buchanan said the supermodel chose Tahapuke because it was secluded but also just a short walk to The Strand, Russell's waterfront.
''I think they liked the look of it, along with the privacy aspect and the proximity to Russell. It's a really cool spot.''
Macpherson was not the first famous person to stay at Tahapuke but she couldn't name names, Buchanan said.
Her stay in the town, and the photos she posted for her 300,000 followers, was a great boost for Russell and the Bay of Islands, she said.
The website described Tahapuke as a ''hidden treasure of peace, privacy and amazing ambience''.
''When you pass through its century gate from The Strand you enter into a place of unique magic,'' the website continues.
While in Russell Macpherson and her companions also had dinner at The Gables on at least two occasions. Gables manager Paul Graham said they were ''a lovely group of people''.
The supermodel was understood to be holidaying in Northland until Sunday.