A high-country station goes to mortgagee sale next month after almost a year of marketing failed to draw a buyer.
The 1825ha Kawarau River Station in the Wakatipu Basin at the foot of The Remarkables, owned by Steve Laing, has a registered valuation of $12.5 million, says Bas Smith, of Ray White Queenstown.
Inquiries about the property with 14km of riverfront land have come from as far afield as the United States and Italy, Mr Smith says.
Price is understood to be the sticking point and the station could sell for beneath the valuation.
"We've had literally hundreds of inquiries over the eight-month marketing campaign which included extensive PR, TV coverage and advertising," Mr Smith said. "It's not incredibly productive farmland. It is an operating farm. There's real potential to develop it as a subdivision," he said, although permission would need to be sought from the local authority, with the potential for about 20 lots to be created.
