Birnie's luxury coastal farm up for sale

Paoneone Farm, Bay of Islands. Photo / Supplied.

Interests associated with prominent venture capitalist Bill Birnie are selling one of New Zealand's most expensive northern farms.

The $20 million-plus 600ha Paoneone, is being marketed by Luxury Real Estate.

Birnie, the Auckland multimillionaire venture capitalist and his late wife's Trish Birnie Settlement Trust, are vendors of the 600ha property being marketed as Paoneone.

Birnie said yesterday that the call for tenders closed next month.

"Obviously people have been aware through articles that I've had some issues and I'm not the only one in the country. I'm working through those. As a result, a number of people have asked me directly if they can buy the farm so rather than have no process around it, I decided to have a look at that. It's not just Paoneone but also Lion Rock," he said.

He was referring to an ongoing High Court case involving a $19 million claim relating to a dispute over voting on a put option over assets held by Birnie Capital Property Partnership. Lion Rock has resource consent to develop an international 18-hole golf course and residential property project in the Bay of Islands.

Birnie said the marketing was an exercise to get an indication of interest.

"It's a look-around to see how the market is going. Obviously we need to do something on Lion Rock and get that moving. It's been discreetly marketed and my guess is there's interest in Lion Rock and at least part of Paoneone," Birnie said.

Some experts said the land was worth about $20 million, others said it could go for far more than that.

Tenders close on January 28 for Paoneone Farm, advertised as a stunning coastal property and one of the few significant land parcels of its size.

Birnie owned and was a director of Paoneone Settlement Trust, incorporated in 2002 but now struck off the Companies Office.

The farm can be bought as one or offers will be considered for various sub-sections.

It has 7.5km of coastline, sheltered sandy north facing beaches, a boat ramp and a summer entertainment and leisure area.

"The owner's home is centre stage in its elevated position above the white sandy beach with commanding views over the infinity pool to the coastline below. It has a tennis court and horse arena and a separate, second dwelling for when visitor numbers exceed the capabilities of the main dwelling," the agency says.