Tua's Pakiri neighbours face forced sale of land

Receivers have been called in to two companies that owned a 16-block of Pakiri Beach land. Picture / Martin Sykes

Receivers have been called in to two companies associated with property developers who had a deal to buy boxer David Tua's Pakiri Beach land.

Kim Spencer and Richard Kroon signed a deal with Tua's former manager, Martin Pugh, but the boxer, who said he had been unaware of the deal, put a stop to it.

Tua and his managers are involved in long-running litigation about ownership of the Tua block - owned in the name of Tuaman Inc. The parties have agreed to sell the property but are likely to go back to court to determine ownership.

Mr Spencer - the victim of an unsolved kidnapping last year - and Mr Kroon's companies owned a block at Pakiri neighbouring Tua's. Receivers may place this land on the market to pay thousands of dollars in unpaid loans from Westpac and Auckland Finance to the two companies, Anzani Pakiri and Fisherton.

Mr Kroon developed the award-winning Chancery boutique shopping centre in Auckland's CBD with former developer Mark Lyons.

Mr Spencer, a discharged bankrupt and formerly a prominent dairy farmer, said he was kidnapped and assaulted on November 16 while showing the Pakiri land to a potential buyer whom he initially met at the Woolshed Cafe in Leigh.

Police investigated after Mr Spencer said he was attacked by a balaclava-clad gang in a shed on the property.

Westpac appointed receivers Grant Graham and Brendon Gibson of Ferrier Hodgson this month.

Last week, Auckland Finance appointed receivers Laurie Chilcott and Peter Chatfield of Smith Chilcott Bertelsen Harry.

Mr Graham said the two companies owned a 21-block subdivision at Mangawhai and the 16-lot subdivision at Pakiri Beach.

"Our appointment was by Westpac," he said. "Auckland Finance as the second-ranking secured creditor has also appointed receivers.

"We do not yet have final creditor numbers, although we expect combined unsecured creditors will be less than $500,000. We are dealing with preliminary matters pertaining to the properties that will enable us to put them to the market.

"Once we are in a position to put them to the market, the material will be made available. Otherwise, as these are private companies, we do not intend to make any further statements about them. This includes the quantum of secured party debt."

Mr Chilcott said the companies were in receivership rather than liquidation because shareholders or creditors appointed liquidators, but chargeholders with debentures appointed receivers.

"We're just sitting in the wings, acting for the second debenture holder, which is a finance company," he said.

Mr Spencer said yesterday that he was not unhappy about the receiverships.

"I'm perfectly relaxed about it all."

Kim Spencer: Property developer with a now legally contested deal to buy boxer David Tua's Pakiri Beach land. Discharged bankrupt and victim of an unsolved kidnapping last year.

Richard Kroon: Spencer's partner in the Pakiri deal. Developed the award-winning Chancery boutique shopping centre in Auckland's CBD.

- additional reporting - Phil Taylor