A Far North beachfront mansion has had its price slashed at least three times in the past three years after a struggle to sell - and is now being offered for $1.25 million below its valuation.
Four real estate agents from three different companies are trying to sell Vara Prasada on State Highway 10, near Taipa.
The home, on 16ha of former farmland overlooking Doubtless Bay, has in the past week has been relisted with two companies, Bayleys and Harcourts, with an asking price of $3.1 million, despite its $4.35 million CV, which was set in August.
High-end realtor Sotheby's also has the property listed.
Two years ago it was advertised at $12 million. The price was then slashed to about $7.9 million, and dropped again last year to $3.97 million before reaching its new price this week.
The property, which has featured in a Wall St Journal article about luxury homes, was built by former IBM vice-president Gary Rodrigue and his partner, Aaron Allbright, who retired from the Los Angeles rat race to New Zealand.
But in 2011, Mr Allbright, who penned his memoir The Land Near Oz: Two Gay Yankees Move to New Zealand, was diagnosed with a rare leukaemia, forcing the couple to return to California so he could have treatment.
The couple bought the land in 2003 for $2.2 million.
Designed by Ponsonby architect Rick Lambourne, the two-bedroom, 436 sq m house has 5m-high ceilings, a jacuzzi, limestone flooring, mahogany ceilings, computerised lighting and state-of-the-art security.
There is more than 325 sq m of decking and tiled courtyards, four fireplaces (including two log-burning ones outside), four outdoor gas heaters and a built-in gas barbecue.
It is a four-hour drive or "45-minute helicopter ride" from Auckland and has a private, white-sand beach.
The property has been rented out at times, with a seven-night minimum stay and $1225-a-night price tag.
Agent Murray Bright of Harcourts told the Herald there had been "a couple of interested parties".
"These guys are in a situation and they do need to liquidate, hence, they're meeting the market, whatever it takes. I mean, a million below CV ... there's nothing up here 25 per cent below CV on the market.
"So someone's going to get a very well-priced property."