A central Auckland Blue Chip property is going to mortgagee sale.
However, the whereabouts of $11 million in deposits investors put down on apartments that were to be built on the site remains unknown.
The Emily, as it was called, was to be a 149-unit apartment development. But
the empty lot at 19 Anzac Ave will be sold by its mortgagees on August 7.
The site is owned by Ile My Ltd, a company associated with the interests of Blue Chip founder Mark Bryers.
It runs between Anzac Ave and Emily Place and is used as a carpark.
Blue Chip investors put down deposits on the future Emily apartments through a reseller company associated with the property investment group.
That company was one of those put into liquidation when the Blue Chip scheme collapsed in February.
Liquidators Meltzer Mason Heath have said an estimated $11.2 million in deposits paid by investors to the reseller company were moved on elsewhere within the Blue Chip network.
In one case, a 70-year-old Bay of Plenty widow thought she had bought an apartment at 22 Emily Place in May 2006.
It turned out her Blue Chip agreement related to a carpark on the empty lot at 19 Anzac Ave next door, and her name was not even on that title.
There appears to have been ongoing confusion between the apartment building at 22 Emily Place - where the units are now owned by unrelated individuals - and 19 Anzac Ave.
Even real estate agents Colliers International, who are marketing the mortgagee sale, advertised the property as 22 Emily Place.
Wellington property developer Mike McCombie said he had owned both 22 Emily Place and 19 Anzac Ave. He sold 19 Anzac Ave in 2004 for $4 million on the agreement that the development planned for the site would include 50 carparks.
He said the site was onsold to Blue Chip, and then onsold within the Blue Chip Group, with the price increasing each time.
Quotable Value records show 19 Anzac Avenue was sold in 2006 for $10.9 million.
There are three mortgages over the property.
