In setting this year's top residential or lifestyle property sale price, the Queenstown Lakes District Council paid 2.4 times over the valuation listed on its own website.

The council's rating information showed a valuation of $6.4m for 516 Frankton-Ladies Mile Highway yet it paid $15.5m for that same site.

The valuation listed had no relevance to the true worth, it indicated.

"Rateable valuations are broadly-based assessments. They are not necessarily indicative of the current market value of large development blocks," a council spokesman said.

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The council valuation shows the land was valued at $3.6m and the five-bedroom, 440sq m copper-roofed

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