An unfinished Christchurch townhouse linked to a businessman who calls himself “NZ’s Donald Trump” has fetched $813,000 at a liquidator’s sale.
The David Allen architecturally-designed home on Papanui Road, in Papanui, is understood to be the first of a string of properties to be sold off by the liquidator after the collapse of Bernard Whimp’s investment company Chance Voight Investment Corporation and its related entities.
Whimp bought the townhouse for $770,000 in 2022 from the estate of a family member and was in the process of being removed when the liquidator stepped in.
The sale of the three-bedroom townhouse drew significant interest, with 15 groups turning up to Harcourts Grenadier’s auction room on Wednesday to watch. The auction opened at $600,000, with the hammer coming down 18 bids later at $813,000.
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Harcourts auctioneer Ned Allison said there was a mix of buyers for the well-located property, including owner-occupiers and investors.
Bernard Whimp is the director of Chance Voight Investment Corporation Ltd and 28 related entities in liquidation. Photo / Supplied
Renovations were under way at the Papanui property when liquidators were appointed. Photo / Supplied
Five people put their hands up during the auction. “It was a good auction. It went well – but it wasn’t a surprising result either.”
The sell-off of Chance Voight’s properties follows a formal investigation by the Financial Markets Authority (FMA) last year.
An interim liquidator’s report by PwC in January said the company appeared to target investors aged 65 years and over, and that they often lacked understanding of the full risk profile of the investments. It also concluded that the companies were insolvent.
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As a result, the FMA asked the High Court to place Chance Voight Investment Corporation and five core entities into liquidation. The liquidator’s first report for the six companies was published last month and put the total shortfall to creditors at $27.78 million.
A further 23 entities linked to the group were placed into liquidation earlier this month after the court found they were also insolvent or inactive.
Teneo Financial Advisory’s John Fisk, Lara Bennett and Malcolm Hollis have been appointed liquidators for the Chance Voight Group and have been tasked with realising the companies’ assets.
These include 11 residential and commercial properties and vacant sections in or around Canterbury, according to the PwC interim liquidation report.
OneRoof understands some of these properties – which include two units in Aranui, a house and two sections in Arthurs Pass, a residential property in Rotorua and commercial property in Rangiora – will be listed for sale in the coming weeks. The group had also paid deposits on a further three properties in Rangiora that had been earmarked for development.
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