One of New Zealand's most expensive properties listed for sale goes under the hammer next month after an overseas buyer withdrew due to frustration at our foreign investment regime.

David Parkinson said the property he owns at Te Rere Cove on Waiheke Island was scheduled to be auctioned on October 19, with the event conducted on site "to make sure you feel the emotional connection".

Parkinson, formerly of Cartridge World in Britain, said he recently had the property valued by Andrew Buckley of Seagars "and it came out at $24 million, conservatively".

• View the OneRoof listing to this property here.

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Earlier this month the Herald revealed that an overseas buyer - understood to be frustrated with the costs associated with buying one of New Zealand's most exclusive properties - had withdrawn the application to purchase from the Overseas Investment Office.

The Overseas Investment Office was in the process of assessing the application from the potential buyer of the Church Bay Rd estate but confirmed that "the applicant withdrew the application".

Read more: Overseas buyer withdraws bid for $20m+ waterfront estate

The property, with a 1800sqm home on its site near Mudbrick Restaurant and Vineyard, was believed to have gone under contract last September.

Parkinson has had the place listed for six years with many agents, including Graham Wall, Bayleys and Barfoot & Thompson.

For more property news and listings go to oneroof.co.nz

Asked if he was frustrated about the length of time it was taking to sell, he said: "It's hard but not everyone has got $20m in the pocket, we appreciate."

Since it was revealed the property hadn't sold, buyers who had looked at the six-bedroom, seven-bathroom mansion had expressed interest, he said.

"So we've had a lot of serious interest and I'm trying to force the issue by going to auction."

The house was designed in an early New Zealand colonial style by Waiheke architectural designer Bryce Ardern. Parkinson said in 2011 that it was partly inspired by Kauri Cliffs, developed by American billionaire philanthropists Julian and the late Josie Robertson.

The property is owned by David Parkinson and Dee Crawford. Photo / Ted Baghurst
The property is owned by David Parkinson and Dee Crawford. Photo / Ted Baghurst

Te Rere Cove was first advertised six years ago. In June, 2012, the Herald reported Parkinson saying he wouldn't mind too much if there's no quick sale.

"We're quite enjoying it, and won't be too dismayed if it takes a year to sell," he said as marketing started six years back.

This week, Parkinson was philosophical about the time taken to sell.

As for his reasons for selling, Parkinson said that was personal. Children attended a school in Epsom, he said, so it was partly due to location.

"We've got something in mind which I don't want to divulge. We would like to build something, know what we know now," he said.

Marketing for the estate said the interior featured French oak, limestone sea shell tiles and granite with decor styled by interior designer Anna Desbonnets.

The ground floor has family living, designer kitchen, art gallery, alfresco dining area, conservatory, indoor heated swimming pool,home theatre and air conditioning.

A self-contained wing has four bedrooms, a kitchenette/lounge and home theatre/media room.

Upstairs in the main house is a master bedroom suite with balcony, two en suites and dressing rooms, kitchenette and a concealed library/TV snug.