Queenstown property sells for $24m

A Queenstown property overlooking Lake Hayes that sold three years ago for just over $6 million has changed hands for $24 million.

Hawkes Bay property investor Charles Gordon and two other New Zealand developers sold the land for nearly $18 million more than they paid for it in 2000.

Auckland businessman Ross Allen and his partner, an Auckland developer, bought the 110ha block of 38 residential lots. It is understood they plan to sell them for about $1.3 million each.

Twelve years ago the land, known as the Bendemeer rural lifestyle subdivision, sold for $1.2 million.