- James Wallace's Christchurch mansion, McLean's Mansion, has been sold.
- The 125-year-old property attracted significant buyer interest and could fetch over $7 million once renovated.
- The mansion, nearly 90% restored, was listed due to a lack of funding for completion.
The Christchurch mansion listed for sale by disgraced rich lister James Wallace has got a new owner.
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Bayleys agent Jesse Paenga announced on his website just before Christmas that the historic building had been sold.
The agent had told OneRoof earlier this year that the 125-year-old McLean’s Mansion had attracted a "significant amount" of buyer interest when it hit the market in May.
The Press reported in August that the property was under contract to an unidentified local buyer; however, it is unclear if the same party ultimately purchased the property.
OneRoof reached out to Paenga for comment, but he had not responded at the time of publication.
The 125-year-old McLean’s Mansion is a landmark building in Christchurch. Photo / Supplied
James Wallace at Pah Homestead, in Auckland, in 2013. Photo / Doug Sherring
Paenga told OneRoof in June that multiple buyers had approached him about the property. “It is bringing in very diverse interests,” he said. “There has been a significant amount of interest. We have had a lot of local groups, such as trusts, which have reached out to see if there are ways they could become involved.”
He indicated at the time that the mansion, which sits on 5005sqm of land on Manchester Street, in central Christchurch, could get “north of $7 million" once renovated.
In a statement released in May, Wallace said he was unable to carry out his planned restoration of McLean’s Mansion without “broad-based institutional backing and sustained public investment”.
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“We have now established that there is no viable prospect of our securing that funding. Accordingly, we have no option but to list the property for sale. We cannot allow the mansion to remain unfinished and vulnerable to deterioration.”
McLean’s Mansion Charitable Trust, which was formed to save the building after it was damaged in the Christchurch earthquakes, would be seeking a buyer who appreciated the “heritage value of the building and is prepared to carry forward and fund the work which has to be done”, Wallace said in the statement.
Wallace was found guilty in March 2021 of indecently assaulting three male victims in the early 2000s, 2008, and 2016 and twice attempting to pervert the course of justice. He was sentenced to two years and four months in prison in May 2021.
The mansion survived the earthquakes but suffered a lot of damage. Photo / Supplied
Paenga told OneRoof in June that the property, which has an RV of $4.86 million, could be used for various purposes, such as an art gallery, boutique hotel, corporate headquarters, museum, luxury retreat, or private institution.
Much of the renovation work had already been done for buyers, he said.
Trust member Mike Edward told OneRoof in June he was confident that the building has a long future ahead of it. “We just have our fingers crossed that someone might have a propensity for the arts and continue with the plan. But I guess we won't know until it sells,” he said.
“The original plan was to make it an incredible art gallery space, and [Wallace] believed in that dream, and so he got behind it.
“All the money that's come in, apart from a small council grant early on to help repair it, has come from him and his wealth.”
Unfortunately, the trust could not raise the last few million dollars to complete the project, Edward said. “The trust just ran out of money, and so it's with much reluctance that we're having to part with it. But we're really happy and proud of the fact that we've got it 90% restored, so whoever the new owner is, is going to be able to hopefully just get it across the line.”
Proceeds from the sale would repay loans, and any leftover funds would be channelled into the arts, Edward said.
Many of Christchurch’s stately homes were irreparably damaged in the 2010 and 2011 earthquakes, but there are still a few that remain and attract a devoted group of buyers when they come up for sale.
Harcourts agent Cameron Bailey, who specialises in high-end homes, told OneRoof in June that he would sell a handful of colonial homes each year.
“These big houses on big land are a bit of a rarity these days, because a lot of them have been pulled down with the earthquakes," he said.
Bailey added: “They are properties that people fall in love with. They’re a lot more homely and unique than some of the new character builds.”
- Click here to find more properties for sale in Christchurch
