The $33m Glenorchy home being sold by Luxury Real Estate is not New Zealand's most expensive property listed for sale.

The Wyuna Preserve alpine-style South Island rural-residential subdivision is trumped by a far more expensive northern property.

Luxury Real Estate is advertising Wyuna's $33m Twin Peak View, saying it is "an architectural masterpiece designed by Mason and Wales Architects, the oldest architectural practice in New Zealand. Using their vast experience and understanding of the area they have combined the latest technologies with the highest level of design. Engineered to the highest levels of specification for structure the project was skillfully delivered by one of the countries most respected construction companies, Triple Star Management."

Yet listings on realestate.co.nz show a $40m New Zealand property for sale.

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That is an extremely unusual place: a Hauraki Gulf island, Pakatoa, listed for sale for some years with Harcourts, Sotheby's and Bayleys but so far without any takers.

"Have you ever dreamed of owning your own private island?" asks the Sotheby's ad.

"This is a very rare opportunity to purchase an island with huge potential from a development and tourist perspective."

An existing resort was built there in the 1960s. The island is 32km from downtown Auckland and 15 minutes by helicopter and has white sandy beaches.

Pakatoa Island in the Hauraki Gulf, for sale for $40m.
Pakatoa Island in the Hauraki Gulf, for sale for $40m.

The Herald reported a few years ago that the island was owned by interests associated with the owner of Crusader Meats. John Ramsay of that business was reported to have bought the island in 1994 for $4.25 million.