An $8 million hunk of prime real estate in Wanaka, which has a controversial past, is up for grabs.

Roys Peninsula, overlooking Lake Wanaka, is being marketed by Sotheby's International Reality.

The stunning 108ha site has approximately 3.5km of frontage to Lake Wanaka and - after years of negotiation with the Environment Court - finally has resource consent to build on the bare land.

Current owner Greg Marler's family trust, the Matukituki Trust, battled with the council for nearly 10 years to build near the tip of the peninsula, ensuring views in all directions.


It has been agreed a house can be built lower down, on a saddle between two peaks, with views in most directions.

The property is described by Sotheby's as "a once in a lifetime opportunity to secure a very special piece of lakefront land in one of New Zealand's fastest growing regions".