Mark Hotchin's $30m mansion up for sale

By Beck Vass

Construction work has resumed on the Hanover Finance co-founder's Paritai Drive house, but once it's finished it will be sold. Photo / Richard Robinson
Construction work has resumed on the Hanover Finance co-founder's Paritai Drive house, but once it's finished it will be sold. Photo / Richard Robinson

Hanover Finance co-founder Mark Hotchin will not be moving into his $30 million Paritai Drive mansion.

Instead, it will be sold, and Mr Hotchin seems likely to stay overseas.

Klaus Sorensen, who is acting as a spokesman for Mr Hotchin, said the 4322sq m property would be sold when it was completed, but he did not know when that would be.

The unfinished mansion has been criticised by some neighbours who say it is an eyesore that devalues their homes.

"We're not saying why it's being sold, we're just simply saying that it's going to be sold and people are just going to draw their own conclusions," Mr Sorensen said.

"I mean, the reasons are probably pretty obvious."

He said the property had become a lightning rod for all the "vilification" and investor anger over Hanover's failure.

"For all sorts of reasons it makes sense to move on, to sell the property on completion and allow someone else to enjoy it."

Mr Hotchin and Hanover co-founder Eric Watson left more than 16,000 investors out of pocket when they froze $554 million of the company's assets, but have continued to live extravagant lifestyles.

The Weekend Herald understands that Mr Hotchin and wife Amanda - who are in Hawaii, according to Mr Sorensen - have decided not to return to New Zealand because of the outrage over the finance company's failure.

But Mr Sorensen denied that. "That's just speculation. They're overseas for an indefinite period, but that doesn't mean they won't be returning to New Zealand."

Mr Hotchin had not left Hawaii.

"According to the rumours, they've been in France and the States and all the rest of it, but no, they remain in Hawaii.

"It wouldn't be correct to say he's on holiday. He's working out of Hawaii at the moment but he's not lying idly around the pool as has been conveyed, he is busy working on various things."

Mr Sorensen did not know what price would be put on the property.

The seven-bedroom home has a theatre, a games room, garaging for 12 cars, a car wash, two swimming pools and a tennis court.

"There will be a pretty small group of potential buyers, I would have thought," Mr Sorensen said.

Bayleys Real Estate's top residential agent, Gary Wallace, dealt with some of those who viewed Mr Hotchin's Parnell home, which reportedly sold for $4 million this month.

He said although he had not been asked, he would love to sell the Paritai Drive home. An agent selling a $30 million property could expect to receive between 1.5 and 2.5 per cent commission - between $450,000 and $750,000 - he said.

Publicity over the site meant anyone selling it would need to ensure those viewing it were genuine prospective buyers.

"When you're dealing with those high-end properties, it's very, very important that you qualify your buyers," Mr Wallace said.

He said finding a buyer could be a lengthy process.

If given the job of selling the property, his company would market it to "high-net individuals" through its London office and in China and other parts of Asia.

Its price would set a record for a residential property, "but what it sells for is a million-dollar question".

- NZ Herald

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