Waterfront site linked to bankrupt developer on market

Gitta Saidi, wife of Andrew Krukziener, owned the Peacock Street property through a trust. Photo / Supplied

A stunning waterfront Glendowie property associated with bankrupt property developer Andrew Krukziener is back on the market.

The 5500sq m Peacock St site, with sweeping views of the Hauraki Gulf and 100m of beachfront, is made up of five sections accumulated by Krukziener over a 10-year period.

It was put on the market in 2008 but failed to sell.

Bayleys real estate agent David Rainbow, who is marketing the property again, says it was never worth the $24 million claimed at the time.

This time the realtors are using the most recent capital values of the individual sections, which put the site at a total $6 million.

Bayleys has been talking to a few interested parties from its own database. They are mostly Asians who live both here and overseas, the agency says.

It hopes to sell the property as one site. "I think that's where the value is because it's taken a long time to amass."

Three existing houses on the site are rented. There are plans for a 2500sq m mansion with 1000sq m of terraces, plus a tennis court and swimming pools.

Following a long-running battle with the Inland Revenue, Krukziener declared himself bankrupt in December, owing $47 million.

The Official Assignee officially takes over a bankrupt's assets. The Glendowie property had been wholly owned by a company called Peacock St Trust, of which Krukziener's wife, Gitta Saidi, is the sole director and shareholder. Krukziener was the shareholder until June last year. Two lots are now in third party ownership. Deputy Assignee Pete Seufatu said the OA was investigating Krukziener's affairs.

ALL CLEAR TO MANAGE TRUST

Bankrupt developer Andrew Krukziener has been given permission to manage a family trust that will oversee the restoration of a multi-million dollar Auckland mansion.

As a bankrupt, Krukziener is not allowed to manage or control any business without permission from the Official Assignee. Deputy Assignee Pete Seufatu said Krukziener had been given approval to work as a project manager for his family trust, Krukziener Properties Trust.

The trust has been appointed development manager of a project to develop Rocklands Hostel on Gillies Ave in Epsom.

The property is being bought from the government of French Polynesia by a company called Rocklands Epsom.

The French Polynesians bought Rocklands for $7.6m in 2006, intending to use it for diplomatic and tourism staff.

The Tahitian media reported that the highest bid at an auction last August was only $3.7m. Its most recent rating valuation was $6.7m.