Millions splurged on fine homes

Despite downturn, Remuera mansion sells for $15m. Photo / NZ Herald

A publicity-shy businesswoman has spent $15 million buying Remuera's historic Fairholm mansion in New Zealand's biggest private home sale of the year.

A record 1783 homes sold for more than $1 million between October 1, 2009 and September 30, 2010. None has sold for more than $6m outside Auckland this year - but around Remuera several houses have topped $10m.

On nearby Paritai Drive, embattled Hanover boss Mark Hotchin was unable to sell his new seven-bedroom mansion, valued at $30m, before the courts moved in and froze his assets this week.

But in Remuera, the 4000-plus square metre Fairholm - a mansion almost as big and far more elegant - changed hands without a peep of publicity.

Wendy Weimei Wu bought the six-bedroom house for her family to live in. It has eight bathrooms, garaging for seven cars, with symmetrical stone stairways framing a sweeping English manor-style lawn.

Built in about 1898, it has been home to the Mappin family, who gave their land to Government House, and to Christine Fernyhough. It boasts views north to Rangitoto and south to One Tree Hill, and features an all-weather tennis court and swimming pool, spa and gym.

The Wus owned the house previously, and this year they bought it back from property developer Peter Turner, a former national power boat champion.

Wendy Wu's son, 21-year-old commerce student David Zhuo, said his parents previously owned the home but sold it when he was aged about 15. The family were glad to get it back this year, he said.

"Dad missed it," Zhuo said. "It's got a beautiful view."

According to Herald records, the home's value has almost quadrupled in the past quarter century.

QV.co.nz research director Jonno Ingerson said the premium end of the market seemed to operate "in its own bubble", protected from the economic downturn.

On Auckland's North Shore, a home on Red Bluff Rise in Campbells Bay sold for $7m, and further to the north in the exclusive beachfront holiday community of Omaha, a house on Paraone Place sold for $3.25m.

In Rotorua, a house in Linden Place, Matipo Heights, fetched $1.1m - more than the sale price of any lakefront home.

rachel.grunwell@hos.co.nz