The overseas businesswoman who snapped up the Remuera home of Newstalk ZB host Mike Hosking for over $9 million is selling her coastal retreat in East Auckland.
Cong Zhang has listed the sprawling estate at 12 & 16 Page Point, in Mellons Bay, and is inviting buyers with over $10m to spend.
Zhang has engaged two agencies to sell the adjoining properties, which have a combined footprint of 6080sqm and include a four-bedroom luxury home with sweeping views of the harbour.
She bought the two sections in 2015 for $9.4m to use as her family home, but the acquisition landed her in the High Court several years later.
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The 6080sqm property is one of the largest coastal holdings in the suburb. Photo / Supplied
The house is being sold by businesswoman Cong Zhang because it is surplus to requirements. Photo / Supplied
The New Zealand Herald reported in 2021 that she was fined $110,000 for failing to get OIA approval for the purchase.
Because the properties included sensitive coastal land and a Heritage New Zealand-listed World War II gun emplacement, she was, as a Chinese citizen at the time of the purchase, required to obtain consent under the Overseas Investment Act 2005.
Bayleys's David Rainbow, who is one of the listing agents for the property, told OneRoof that the property was being sold because it was surplus to requirements.
"They live in another property. They bought Mike Hosking's place [on Arney Road, in Remuera] in 2018," he said.
The Mellons Bay house "just sits there empty", he said. "They did use it, but they own other property. For schooling, it's easier to be in Remuera. I think they thought they might go back to it later on. But that doesn't appear to be the case."
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Rainbow said it was a "magnificent property". "Large parcels of land are very hard to come by in Remuera; people are cutting them up."
He said there was potential to create a family compound at the site.
"The house is too good to knock over. It's a magnificent big home. So you wouldn't be able to sort of cut it up. It's been beautifully maintained," he said. "You could add to the value of the place or build another property for family.
"Overseas, as you've probably read, a lot of people are in Miami and various other places in Florida buying up property because they want to have privacy. So finding these large parcels of land is becoming scarcer and scarcer because of developers going in and buying them up and putting a whole lot of houses on them."
The listing for the property describes "Waimana" as a once-in-a-generation sale. "Some homes are purchased. Others become part of a family's legacy," the marketing says.
Newstalk ZB host Mike Hosking sold his Remuera home to Zhang in 2018. Photo / Michael Craig
"Inspired by the timeless philosophy of Frank Lloyd Wright, the substantial residence has been designed to embrace its natural surroundings. Expansive living spaces, soaring ceilings, carefully crafted materials, and walls of glass invite light and breathtaking views into every corner of the home.
"Inside, exceptional materials and detailing are immediately evident—from the impressive stone-walled entrance foyer and soaring cathedral ceilings to the bespoke American oak bar. A private theatre room, dedicated home office, entertaining area beside the pool room, and five-car internal garaging complete the suite of amenities."
Rainbow said homes are selling in the over $5m bracket, but sales have slowed since the Iran conflict. "[Homes are] probably selling because somebody needs to sell or wants to sell for various reasons, whereas this person doesn't need to, financially. They're just selling it because it's surplus to requirements."
Waterfront homes in Mellons Bay typically attract a premium. Earlier this year, a neo-Georgian mansion on Bleakhouse Road, was snapped up by a developer for just over $10m.
The One Property Group plans to remove Fowey Lodge and carve up the 11,831sqm into 14 sections for luxury new-builds.
The suburb's biggest deal was the $26.3m sale of a mansion on Seymour Road in 2022 - more than $10m above the RV.
Bayleys listing agent Angela Rudling told OneRoof at the time that Greystone was a “one-off”. “It is outstanding, almost irreplaceable. The craftsmanship, the detail and design – it’s a magnificent property. No one would rebuild it today,” she said.
The property, which was built in 2014, includes a library tower, Napoleonic-style dining room and a seven-car garage.
- 12 & 16 Page Point, Mellons Bay, Auckland, is for sale by negotiation
