The property at Boat Shed Bay which Mark Hotchin bought for $13.85m. Photo / Chris Skelton
A co-owner of troubled Hanover Finance is building a multi-million-dollar holiday home on Waiheke Island.
Mark Hotchin, 49, who is also building a mega-mansion on one of Auckland's most exclusive streets, bought the 4ha property in Boatshed Bay more than two years ago for a then-record $13.85 million.
Plans lodged with the Auckland City Council reveal the existing house and garages on the property would be replaced with a U-shaped cedar-weatherboard building, complete with main pavilion, guest pavilion, gym, swimming pool and spa.
The tennis court would be moved and new gardens planted. Other features of the single-storey structure, with a reported cost of $2.5m, would be mezzanine lofts, glass skylights, a swimming pool terrace and high-tech intruder detection systems.
Cedar vertical-board shutters would match the building's cladding and concrete and steel would be the other major building materials.
Hotchin did not return Herald on Sunday calls, but a source said architects had added two loft rooms to the original designs.
They were waiting for consents and construction could start next year.
Work is also continuing on a 3000sq m house being built for Hotchin, his wife Amanda and their young family on Paritai Drive, Orakei.
Hotchin paid more than $17m three years ago for the land, which boasts sweeping views of the Waitemata Harbour, making it New Zealand's most expensive section.
The plans proposed about 10 toilets, basement parking for 12 cars, enough bedrooms for a football team, two family rooms, three studies, a home theatre, gym, swimming pool, spa and paddling pool, a music room, an art room, a wine room, two outdoor dining areas, a separate guesthouse, tennis court and pavilion.
Hotchin reportedly also owns property in Fiji and a house in Italy.
In July Hanover Finance and its sister company United Finance ceased to make repayments of principal and interest to 16,500 investors owed $554m, citing the collapse of the property development market and plummeting re-investment rates.
In September Hotchin and business partner Eric Watson said they would put in up to $96m of their own cash to support the company and were working on a restructuring deal.
This year Hotchin ranked 40th equal on the National Business Review's Rich List, with about $200m.
