Mystery over who owns Peter Blake's house

By STAFF REPORTERS

Sir Peter Blake's exclusive North Shore waterfront home, now on sale for upwards of $1.2 million, is not owned by him.

Auckland lawyer Richard Green, the chairman of the charitable trust that owns Team New Zealand and AC2000 Ltd, is listed as the owner of the property in Norwood Rd, Bayswater.

The reason remains a mystery.

Sir Peter, the former Team NZ chief now in Britain for his new job leading the Cousteau Society, told Holmes last week that the trust did not own his home.

Mr Green repeated that yesterday. Told that he was the listed owner, he said: "Well, that can mean a whole range of things, can't it?

"I mean, you heard Peter's answer that the trust that was referred to does not own it; in other words the Team New Zealand trust doesn't.

"What Peter's house is, how that ... that's his own personal affair."

The secluded 2500 sq m property has attracted strong buyer interest ahead of its April 19 auction.

Meanwhile, new details emerged last night about the deal reached on Friday between the Team New Zealand Trust and the Russell Coutts-led America's Cup 2003 syndicate.

A price of $2 million has been agreed for the trust's assets.

A new trust - nicknamed Team Magic - will be named within a fortnight. Its trustees are expected to include ASB chief executive Ralph Norris and former Mainzeal chief executive Peter Menzies. Canadian entrepreneur and Admiral's Cup backer Peter Risley may yet join at Coutts' invitation.

About $1 million of the $2 million price is expected to be raised from the sale of NZL38, the team's boat from the 1995 challenge.

Coutts and partners Brad Butterworth and Tom Schnackenberg will pay the Team NZ Trust the outstanding $1 million once the new syndicate begins to produce cashflow from sponsorship deals.

The Team NZ Trust wanted to ensure it had $2 million to distribute to charities before winding up its affairs.