- Buyers offered just over $4 million for Jeff Gao's Remuera mansion, but it wasn't enough.
- The five-bedroom home was auctioned after Gao's property empire collapsed, with creditors stepping in.
- Gao remains optimistic despite the downturn, focusing on managing through the cycle and recovery.
Buyers were prepared to pay just over $4 million, but that wasn't enough to secure developer Jeff Gao's luxury mansion in Auckland's double grammar zone.
Start your property search
Receivers had ordered the sale of the five-bedroom home at 17b Warrington Road, in Remuera, after Gao's property empire collapsed.
Wednesday's auction for Warrington Road kicked off at $2m, and paused for negotiations 19 bids later at $4.1m. The property, which has an RV of $2.55m, was passed in shortly afterwards and at the time of publication was still available for sale.
The New Zealand Herald reported at the weekend that the mansion was one of nine properties that had been listed for sale after Gao's creditors stepped in.
The sale of the five-bedroom home was ordered by the receivers. Photo / Supplied
The property has an RV of over $2m and belongs to property developer Jeff Gao. Photo / Supplied
Records show that the rights to a Rolls-Royce Phantom had also been caught up in the lenders' push to recover funds from Gao.
Gao told the Herald that he had been hit hard by the property market downturn, but was optimistic he would bounce back.
“I have been involved in property investment and development in New Zealand for many years, employing numerous local staff and contractors along the way and making a positive contribution to the New Zealand economy,” he said.
“Like many others in the industry, I am currently navigating the challenges arising from the downturn in the property market. My focus remains on responsibly managing through this cycle while positioning for the next phase of market recovery.”
Discover more:
- Wild Poppies founder's coastal homes face mortgagee sale
- Kim Dotcom's $9m rental: Inside the lavish waterfront spread
- Historic church building seized from cannabis grower now for sale
17B Warrington Road was presented at auction as an opportunity of outstanding value. The five-bedroom, four-bathroom Remuera home has multiple living areas, as well as a heated pool and a theatre.
“Offered as a receivership sale, this is a rare and timely opportunity to secure a substantial Remuera residence with location, scale and value,” Bayleys agent Sarah Liu wrote in her listing on OneRoof.
“Buyers are encouraged to act with urgency and complete their own due diligence.”
Entry to the home was through an impressive high-ceiling foyer which opened to a light-filled atrium that expanded through the home, according to the listing.
The house is filled with luxury fittings and fixtures. Photo / Supplied
According to property records, it changed hands in 2019 for over $1.8m. Photo / Supplied
“The main living level centres around a striking kitchen and dining space, double-sided schist fireplace and sunny lounge areas, with flow to barbecue decks and a heated lap pool.”
Downstairs had a multi-functional living zone with kitchenette, home theatre, deck and garden access, while upstairs the master suite included a generous fitted dressing room and ensuite with freestanding bath, and an additional lounge and guest suite.
The Herald article said online lender Rhino Solutions was among the more recent financiers to advance Gao funds and had appointed receivers to sell his Remuera home.
Rhino Solutions advertised online that it lent loans of up to $20,000, charging rates between 21.9% and 29.2%, and default interest at 47.45%.
The Herald understood it lent more than that to Gao and it was listed as the second mortgage lender on his Remuera house, according to land records.
Gao did not respond to Herald questions about how much he or his companies owed.
- 17B Warrington Road, Remuera, Auckland, is for sale
