A newly renovated Waikato mansion, which is one of the region's largest homes, is still on the market after it failed to sell at auction last week.

The sprawling 1309sq m property at 103 Te Awa Rd in Tamahere, just south of Hamilton did not attract any bids during Thursday's auction.

Harcourts marketing agent Aaron Davies said the impressive property was the subject of a pre-auction offer and a negotiation after the auction but neither offers were acceptable.

The property, which has a government valuation of $3.1m, is now listed as being sold by negotiation while the agents continue talks with the interested parties.

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The property has five bedrooms and bathrooms, two kitchens, four living areas plus a theatre room, library and bar, office, gym, sauna, heated indoor swimming pool, two dining rooms. It spans over three levels and sits on a 8425sq m section.

The property was built in 1995 and had a chequered history. It was purchased through a mortgagee sale in May last year by developers Nigel Smith and Jason Barnes of Saint Properties and they have spent the past year bringing the property back to its former glory.

Barnes told the Herald last month when he listed the property that they had done the property up with international buyers in mind.

Waikato's largest river side mansion for sale