Luxury hotel and spa Hotel du Vin has been sold to Dilworth School for an undisclosed figure and is to be converted into a rural campus.
The private boys' school yesterday revealed it was the winning bidder in a tender process for the hotel, which was placed in receivership in July after suffering from declining guest numbers.
Dilworth Trust Board chairman Derek Firth said it would reconfigure the hotel and spa buildings to make them suitable for school use and expected to open the campus in 2012.
"This site is considered ideal for the third campus of the school, with most of the infrastructure and buildings able to support a school use with only a minimal amount of alteration."
Dilworth already has campuses in Epsom and Remuera, with more than 500 students.
Firth said the extra site would allow it to take on another 100 students with room for more expansion.
The 15ha property in Mangatawhiri, south of Auckland, has 48 chalets and a vineyard.
It was bought by wealthy American Ed Aster and his wife in 2001 on a visit to New Zealand for $8 million, even though it was valued at just $4.57 million at the time.
The Bank of New Zealand called in receivers KordaMentha after the hotel and its associated companies defaulted on a $12 million loan.
KordaMentha said it would not comment on the sale price as it was confidential.