Billionaire Graeme Hart extended two mortgages to the twice-bankrupted owner of failed Auckland residential property developer, Buildform.
Hart, one of New Zealand’s richest people, also put caveats on six Buildform properties, two of which remain in place.
David Paul Williams, the sole director and shareholder of Buildform, placed the company in liquidation on March 12.
Liquidators BDO say unsecured creditors owed $2.37 million are unlikely to see anything.
Hart is a secured creditor, with four financing statements registered against the firm.
In April 2024, the billionaire granted a second mortgage behind BNZ over Williams’ Remuera registered address.
The home is jointly owned by Williams’ wife, Fiona Tapper, and a company of which Williams is the only shareholder.
Hart did not respond to requests for comment on what his interest in Buildform is, or whether he is still owed money by the firm.
Owner wanted local family to be the next custodians of his home, so cancelled the auction.