KEY POINTS:
Rod Petricevic, head of failed finance firm Bridgecorp, is quitting his waterfront house at Orewa. Its sale is expected to net at least $1.2 million.
But the money will remain far from the grasp of receivers Colin McCloy and John Waller of PricewaterhouseCoopers because Petricevic and his wife
own the place personally.
The receivers have power only over assets directly owned by Bridgecorp, which toppled in July owing debenture stock and unsecured capital-note investors $458 million.
QV lists Petricevic and his wife Mary Judith Petricevic as controlling a residential property fortune worth $5.7 million. The Petricevics have a house on Remuera's Victoria Ave, which QV values at $4.1 million.
QV also lists the couple as owning inner-city Auckland apartments at 81 Wakefield St worth $115,000, at 109 Vincent St ($138,000) and at 27 Falcon St ( $245,000). But McCloy said yesterday any properties held personally were not included in the receivership.
Bayleys will auction the beachfront bach on Wednesday at its Viaduct Harbour rooms - and is emphasising the property's $1.2 million government valuation.
QV lists Petricevic and his wife Mary Judith Petricevic as the owners of 6 Noel Ave, a suburban-style Rodney place being marketed as "an absolute beachfront gem".
Buyers of the Orewa bach are being encouraged to snap up the place before Christmas. The orange two-level house has a gate which opens directly on to the beachfront.
The house, beneath towering Norfolk pines, has two bedrooms, two bathrooms and a two-car garage. Large patio doors allow the house to be opened out to its sunny central courtyard.
One of the property's main attractions is its vast paved area out from the lounge. Alfresco dining areas face the beach and the Petricevics' furniture is shown in a detailed series of pictures, with leopard-skin cushions on cane beach-style furniture, padded outdoor recliners and animal-print throws on a lounge suite. The upstairs master bedroom has an A-line feature wall - and a leopard-skin throw at the foot of the bed.
Cath Matthews, a Bayleys agent, emphasised the property's location on Orewa's appealing long golden beach.
"No roads to cross - just sand and surf. The home has a lovely ambience with superb indoor-outdoor flow ... potential to create a third double bedroom and retain single garaging. Plenty of room for all the 'beach toys' plus additional parking if required." In 2004, QV valued the property at $1.2 million: $900,000 for the land and $300,000 for the building.
Laying low
* The Petricevics' main house is in Remuera
* They holiday at Orewa Beach
* Petricevic has yet to speak about Bridgecorp's collapse