Philip Carter is still operating out of alternative premises in central Christchurch behind the busted Holiday Inn Avon following the earthquake of February 22, 2011. The remains of his $8 million home are hanging perilously off Clifton Hill and the source of local speculation about how it will ever be demolished or maybe pushed over the edge to join the rest of the debris down below.
Now that the near-new home has finally been red zoned he will be in line for a payout courtesy of the taxpayer and Christchurch ratepayers who are likely to pick up some of the tab for the hillside red zoners.
At this time of year Mr Carter is usually found in Europe or North America, in between visits to his millionaires’ row holiday home at Kelvin Heights, Queenstown. After the quakes he bought a modest Christchurch home but subsequently sold it. .
The quakes severely damaged Carter Group’s historic former Christchurch Regent Theatre headquarters in Cathedral Square. It may be written off. The firm owns the Holiday Inn Avon and Holiday Inn City Centre (both likely to be written off providing a new investment payout) plus the Crowne Plaza Hotel in Queenstown. The group’s last significant deal was the $13 million purchase of Union House nearly four years ago.
However, it’s still looking for bargains, one of which it found several weeks ago when it picked up part of PGC’s stake in Heartland.
Mr Carter is now head of the Carter team, with the death of 93-year old Yorkshire-born father Maurice more than a year ago.
Tim looks set to carry his father’s baton at some stage in future. Like his father, when he was also a councillor, Tim has proved to be one of the few city councillors with any understanding of finance and governance and has given a visibly tiring Mayor Bob Parker a run for his money.
Mr Carter continues to administer a charitable trust set up by Maurice eons ago. He also sponsors local arts projects.