Landowners have cancelled the lease and changed the locks on the doors at Waiwera Thermal Resort after a history of default payments.
The cancellation notice was issued by landowners Waiwera Properties Limited (WPL).
The land has been used as the site for the Waiwera Thermal Resort and Waiwera Thermal Bottling plant, both of which fall under the Waiwera Group owned by Russian billionaire Mikhail Khimich.
Khimich's company purchased the leasehold interest in the property in 2010.
WPL project director Evan Vertue said he did not welcome the move but the company was left with no other option but to cancel the lease.
"We have reluctantly re-entered the premises due to continual tenant default and consider this option a last resort."
Vertue said the defaults dated back as far as two years, and it remained unclear as to why the bills had not been paid.
The businesses on the site were closed earlier this year for refurbishments, but Vertue said there had been no activity on the site since early September.
He said the thermal resort had been closed to the public since February this year.
"Waiwera Thermal Resort has been enjoyed by many families over the years, it is a popular destination for locals and visitors to our country," Vertue said. "We would far rather see it thriving and enjoyed by all."
He said that his team was just waiting for the dust to settle on this before finding a way to again open the facilities to the public.
Waiwera Thermal Resort made headlines earlier this year when all staff at the business were made redundant.
Since gaining residency under the $10 million-plus investment category in May 2013, Kimich has a started a number of businesses in the local market - all of which struggled to take off.
Read more: From Russia with promises: Why have billionaire Mikhail Khimich's NZ businesses struggled?
In a 2013 application to the Overseas Investment Office, Khimich stated that his wealth stemmed mainly from his executive roles and shareholdings in Naftasib, a Russian oil supply and processing company.