KEY POINTS:
An urgent receivership sale has been called at the Zane Grey Resort in the Bay of Islands after the businesses that owned it failed.
The 4ha tourist resort is at Otahei Bay on Urupukapuka Island.
Almost a century ago, Zane Grey, the American author and big-game fisherman, established a game-fishing camp in the bay.
The island was privately owned and farmed for about 150 years until Lands and Survey bought it, later passing it to the Conservation Department.
A rustic tourist resort was built there some years ago and around 2005, Auckland property speculators Rick Phillips of St Heliers and Chris Hook of Mt Eden bought the resort to develop a huge new hub on the island.
The developers paid about $2.5 million for the lease and buildings but their plans to significantly gear up the resort did not materialise.
They borrowed money from Marac Finance and Matrix of North Harbour and creditors are claiming more than $1 million after the failure of two businesses that owned the assets.
John Gilbert of C & C Strategic has been appointed liquidator and Brendon Gibson of KordaMentha has been appointed receiver.
Dew Drop Properties owns the lease on the resort and another company, Zane Grey Restaurant & Bar, owns the facilities.
Jim Mays of Precision Real Estate is running a large advertising campaign calling for urgent offers.
