Mark Hotchin may be about to return to live in Auckland. Interests linked to the former Hanover co-director and co-owner paid $8 million for a landmark Remuera mansion.
The Herald on Sunday has learned that interests associated with Hotchin recently bought the luxury Ash Hurst mansion on the suburb's northern slopes.
It is understood the William Gummer-designed home on Benson Rd changed hands for $8.1m.
Hotchin did not respond to requests for comment made to his lawyer.
Marketed as an "iconic Spanish Mission estate', the 1930s building sits on 3119sq m of manicured grounds and has among its features a grand sweeping staircase, a double-height foyer, formal living and dining - the latter containing "secret doors" in the wood panelling.
It has four substantial bedrooms upstairs, a self-contained guest cabana, four bathrooms, eight carparks, a wine cellar and a heated swimming pool. The marketing material urged prospective buyers to, "Step straight into 1930s Hollywood and relive the romantic glamour years in this rare and extraordinarily beautiful Spanish Mission style residence".
The change of ownership has yet to be officially registered.
The property has a 2014 ratings valuation of $6.6m.
The vendor was Simon Parkinson, listed in Company Office records as an owner of Pacific Finance. He bought the property for $5m in 2013.
Building consents records indicate alterations to the property's summer house were done in 2015.
"I loved it," Parkinson told the Herald on Sunday.
"I've lived in the area all my life. I just always admired the house and wanted to live there." It was now time to move on, he said: "Been there, done that."
The house was built in the 1930s by a reclusive shoemaker reputed to have made his fortune supplying boots to the Army.
Since the demise of Hanover in 2008, Hotchin, 57, has lived mostly in Australia and Hawaii.
In 2014 Hotchin family trust KA No 3 bought 74 Korora Rd, Oneroa, on Waiheke Island, for $3.4m. The same trust had earlier sold a property in Boatshed Bay on the island for $14.25m.
In 2013 Auckland's most expensive house, a seven-bedroom mansion on exclusive Paritai Dr, which was partly financed by Hotchin, sold to businessman Deyi Shi for $39m.
A Court of Appeal judgment said Hanover failed in mid-2008, causing substantial losses to depositors.
About 16,000 people with investments totalling more than $500m lost most of their money after the failure of Hanover and related companies, and the sale of assets to Allied Farmers.
Hotchin was among a group of six directors who in 2015 reached an $18m settlement with the Financial Markets Authority which had filed civil proceedings alleging untrue statements in certain Hanover offer documents.
The settlement was reached with no admission of liability, and in a statement Hotchin and three other directors said the FMA would never have won had the case gone to trial.
The statement said Hanover ceased business because of the effects of the global financial crisis on Hanover's borrowers, not because of any mismanagement.