The American selling one of New Zealand's most luxurious apartment says he won't take less than $11m after paying $7m two years ago.
Ron Patrick, the New Jersey-born cashed-up vitamin heir who has dual United States/New Zealand citizenship, is selling the two-level almost 700sq m penthouse spanning levels 28 and 29 at The Sentinel, in Northcroft St, Takapuna.
He acknowledged he only paid $7m two years ago for the apartment which has an Auckland Council rating value of $8.1m. He now wants $11m, delivering potentially a gross $4m profit over two years but says he spent more than $250,000 on a major refurbishment.
"The minimum is $11m. Let's take a look at it. This is the only apartment [in New Zealand] with a pool and spa on the rooftop. But [other apartments] don't have a view. I have a view. I don't even have to get out of bed to see the America's Cup [in 2021]. I can see it right in my bed."
Other apartments being developed in Auckland's CBD had sold in the $30m range, he said, so $11m was reasonable, he said.
Of Auckland Council's $8.1m rating valuation, Patrick said: "It just killed me. I would appreciate the actual valuation [being published] which is a lot more than that. It didn't include the desk, spa and pool. It's off by at least $2m. It's so far off, it's just unbelievable."
Asked for a registered market valuation from a valuer, Patrick could not produce that but his estimation is partly based on a refurbishment by interior designer Juliette Yarrell.
"Over $250,000 was spent. All of it's custom-made, New Zealand's finest, none of it is imported from China. The fabric is from Italy. The furniture will be sold also. I wanted to present my house nicely," he said of the apartment which has a bespoke 10-seater couch.
Via his Patrick Farms, Patrick owns unit 2901, advertised for sale in the Herald on Sunday Homes via agents Alison Parker and Corey Knapp of Premium.
Auckland Council lists the two-level penthouse as being valued for rating purposes at $5.3m in land and $2.79m in improvements.
Patrick said his business had been Emergen-C Vitamins "the number one vitamin brand in America", sold to the world's largest pharmaceutical business Pfizer.
He left the US for various reasons around 2012: "I didn't like the economy. I didn't like what was going on in America. Here education is good and it's a good place to raise my son and it's far away from other countries. It was well before Trump," Patrick said of the timing of his departure.
Asked about the value of commercial property investments at Albany, Silverdale, Westgate and Rosedale, Patrick said "it's maybe $40m to $50m".
The family had lived in the Sentinel penthouse on and off for the past two years and although their principal family residence was Coatesville, Patrick said they still stayed in Takapuna sometimes.
The penthouse was being marketed via many different agencies, he said, "and it's going to Europe", referring to advertising overseas.
Asked why he was marketing it overseas when New Zealand homes could not be sold to foreigners, Patrick said: "That's not true. You don't have to be a New Zealander to buy it. A company could buy it. Everybody is thinking the wrong way, that you have to be a kiwi or Australian but it's not true. A bank can own it or buy it, an entertainer, movie director..."
Inquiries have been made to the Overseas Investment Office about Patrick's claims that overseas parties can buy the residential property.
"Nobody ever lived there. I am the only one in 11 years since it was built," Patrick said, referring to previous owner King Khoo, a Malaysian who studied at Takapuna Grammar and paid $71m for the Auckland Council's North Shore building at 1-7 The Strand.
The 30-level Sentinel was developed by Rick Martin's Cornerstone and built by Multiplex.