Property king's portfolio sells at mortgagee auction

Real estate mogul Don Ha. Photo / Janna Dixon

A portfolio of properties previously owned by self-proclaimed real estate mogul Don Ha has sold at mortgagee auction.

The portfolio of nine south Auckland houses, accumulated over several years by then investor and property mentor, sold today for a total of $1.97 million.

Mr Ha said he thought some of the selling prices were "a bit under value" but it was a good result.

"I think that's what the market wants to pay. I think the outcome is good for both parties and I'm happy I don't owe money now," he said.

The portfolio included seven 2-4 bedroom houses and two 10-bedroom boarding houses.

Bayleys said the auction represented "one of the city's biggest residential portfolios to be brought to the market in recent years".

A 10-bedroom brick and tile house in Manurewa sold for the highest price at $382,000.

Bids came from as far as Australia and Bayleys residential mortgagee manager Hayden Butler agreed the purchase prices reflected the market.

"We had strong multiple bids on the properties - the mortgagee's pleased with the result," he said.

Even on the day when a chunk of his former property was sold at mortgagee auction, Ha was marketing his real estate services in a full-page ad in The New Zealand Herald's midweek property supplement.

In it he says he "specialises in managing small to large projects" and offers clients consultation and marketing advice.

Receivers took control of Don Ha Real Estate's properties and assets in March when he was unable to pay his multimillion-dollar debts to Kiwibank.

The property king and thoroughbred horse fan came to New Zealand from Vietnam as a refugee with his family in 1980, and rose to wealth through his real estate business and investment coaching.

His 12-month Elite Academy mentoring programme costs $25,000, with a class size of 40-50 clients, a staff member told APNZ.

In 2007, he featured on the NBR Rich List with an estimated fortune of $60m.

However, after borrowing $7m from state-owned Kiwibank, Mr Ha could not repay his debts.

He would not reveal how much he still owed the bank but said: "I don't think it's anywhere near $7m. I know I'm comfortable."

Although his mentoring programme had ended and he was focused on listing and selling real estate, Mr Ha has previously said he planned to develop his coaching business and franchise his real estate business throughout New Zealand.

The forced sale of his properties had been an opportunity to restructure his business and the experience made his advice more valuable.