Sale of Sultan's NZ homes believed to have fetched $35 million

When in Auckland the Sultan preferred to stay in hotels rather than in Waimanu, one of his Herne Bay mansions.

The multibillionaire Sultan of Brunei has sold all 11 of his houses in Herne Bay, Auckland, for almost $35 million.

In the biggest single residential real estate transaction in New Zealand, one of the world's richest men has quit the country in one hit.

The sale took more than a year to close, said real estate agent Graham Wall of Coles Real Estate in Parnell, who handled the deal.

Sultan Haji Hassanal Bolkiah may not be too excited about his windfall; even without it, Forbes magazine puts his wealth at US$20 billion ($29.3 billion).

He acquired his first Auckland mansion, Waimanu on Argyle St, a decade ago, then bought additional properties in the neighbourhood.

But many of his lavish homes were often empty. Some were rented, but often only on a short-term basis.

Despite extensive refurbishments to the homes, the sultan - who has two wives and 10 children - preferred to stay in a hotel on his rare visits to New Zealand.

While rumours of an impending sale were reported in the Herald last year, the Sultan's reasons for selling are unknown and Mr Wall was yesterday staying tight-lipped about the process and the exact sale prices.

He said a New Zealand investor had bought all the properties but had not yet revealed his plans.

"The properties have a rating valuation of around $35 million but I can't say what they sold for," Mr Wall said.

The selling price is believed to be close to that $35 million figure.

In 1995, the Sultan bought Waimanu for $6.8 million.

He was expected to stay in the mansion for the Commonwealth Heads of Government Meeting in Auckland that year. Instead, he stayed in a hotel.

He returned in 1999, meeting Apec leaders including the then President of the United States, Bill Clinton.

On that occasion he stayed in the Stamford Plaza in Albert St.

The country's most expensive house sale lately has been that of Barry and Emma McCollam's Takapuna beachfront mansion, which fetched $12.78 million in April last year.

A Cowes Bay farm and mansion on Waiheke Island went on the market this year for $26 million, but has yet to sell.

In June last year, a 31.5ha property at Karaka in South Auckland sold for $14 million.