Heartbreaker of a sale

The kitchen is a chef's delight. Photo / Supplied

A new home, described as one of Waikato's finest, is up for mortgagee sale.

The sprawling estate, just south of Cambridge, is not quite finished, but the owner and his family will have to move out after defaulting on loan repayments to Westpac.

The property was valued at almost $1.88 million two years ago, but that was before the luxury home had been built, and it's anyone's guess what it may go for now, says agent Mike Fraser-Jones of Bayleys.

"I wouldn't even like to throw a dart," he said of the likely sale price.

The four-bedroom home, which Fraser-Jones says is "95 per cent finished", features a purpose-built media room, spa and sauna and an outdoor pool.

It is on nearly 20ha of land that features large pockets of native bush.

Owner Kevin Wiltshire, who is also losing his nearby farm and holiday home, said the experience was "soul-destroying.

"It's the stupidity of the bank and the inflexible nature of how things have gone. One minute you've got tonnes of equity, then the bank has a change of heart and it's gone."

The property will go for auction in Hamilton on April 8.