Hanover Finance co-owner Mark Hotchin is selling his Parnell mansion (below), which has a rateable value of more than $5 million.
The exclusive Bridgewater Rd property has 2832sq m of land – close to three-quarters of an acre – and a five-bedroom house with a tennis court, pool, spa and gymnasium.
It is being marketed by Kellands.
“With Parnell land at a premium it is hard to believe a property of this magnitude remains intact and is now available on the open market,” the marketing material says.
“Hidden from view, behind iron gates set in 2832m2 (more or less) of established park-like grounds, with areas for quiet reflection that create an environment for a calm leisurely laid back lifestyle.”
The property has a rateable value of $5.3 million. Mr Hotchin bought it in 1999, according to land registry records, for $2.3 million.
The $30 million Hotchin family mansion being built on Paritai Drive (below) is still not complete.
Hanover Finance is paying back $465 million of investors’ principal at a rate of 2c a quarter for the rest of 2009. It has made one of these payments so far, with another 2c due at the end of June.
The repayment rate then slowly increases – 10c in 2010, and 12c in 2011 – with the biggest hurdles of 35c per year in 2012 and 2013.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Ardern cruises to Mt Albert victory, bringing Huo into Parliament
- Hooton: Racism lies behind Little’s kaupapa Maori attack
- Carry on: Xiamen for Auckland, Cathay for Christchurch, Virgin for HK and more
- MARKET CLOSE: NZ shares fall, Warehouse and Mercury NZ drop while Air NZ gains
- More franchisees claim to have been duped
Most listened to
- Business Week in Review with Grant Walker and Andrew Patterson
- Sunday Business with Andrew Patterson featuring Joanna Blatstone and Neil Parischa
- Rodney Hide: Advance means retreat for glacier scientists
- Stewart Germann and Gehan Gunasekara go head-to-head on the franchising debate
- Racism lies behind Little’s kaupapa Maori attack, says Matthew Hooton