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New Zealand’s priciest home: a modern mountain lodge for NZ$33M

11-Nov-2017


Beckie Strum, Mansion Global

A contemporary mountain lodge in one of New Zealand’s hottest tourist regions has become the country’s most expensive house listing, priced at NZ$33 million (US$22.9 million).

The home, dubbed Twin Peak View for its panoramic views over Lake Wakatipu to the surrounding mountains, hit the market on Nov. 3 in Queenstown, a resort town in the country’s South Island, according to listing records.

It’s hard to pick what’s most impressive: the asking price, the architecture or the views.

Even the 40-minute commute from Queenstown to the house is so breathtaking car companies commonly feature the stretch of rural road in commercials, said listing agent Terry Spice of Luxury Real Estate New Zealand.

The four-bedroom home, built by Mason and Wales Architects in 2013, sits on a two-lot spread totaling 14 acres. In addition to the 1,000-square-meter, or 10,700-square-foot, contemporary mansion, there’s also a platform approved for an additional building, if the buyer desires.

Not that the current home is lacking. The modern lodge is encased in floor-to-ceiling windows that look out over the lake and mountain vistas. The design and decor of the home reflect the rich natural colors and dramatic views outside. The vault-ceiling dining room is paneled in pale solid oak, and an outdoor patio centers around a towering fireplace and chimney clad in schist bedrock.

The home has four en-suite bedrooms, a games room, wine cellar, sauna and massage room.

“The beauty of this one is that it has a helipad so that in three minutes you could be skiing,” Mr. Spice said. The area is a year-round tourist mecca featuring skiing, fishing and a world class golf club.

It’s also located within Wyuna Preserve in a gated and secured community, Mr. Spice added.

New Zealand’s prime minister recently announced that the government planned to pass a law that would restrict foreigners (except Australians) from buying existing homes in the country. Mr. Price said he doesn’t expect the law, when it’s crafted, to affect his listing, as there are alternative paths for wealthy foreigners to buy ultra-luxury property in the state.

“Their policy driver is affordable housing not multi-million-dollar homes,” he said.

The home’s owners, who happen to be foreigners, have decided to sell and downsize to a smaller home in the area because they aren’t using the Twin Peaks View enough, Mr. Spice said.

A 22-acre private island estate on Montana’s Flathead Lake has had its price cut to $22.75 million, a whopping discount of more than $50 million from when its former owner first listed it.  

Shelter Island, roughly an eight-minute boat ride from the mainland, was formerly owned by real estate mogul Donald Abbey, who spent years building the property, said listing broker Dawn Maddux of Engel & Völkers Western Frontier.

 

Mr. Abbey first listed the island in 2012 for $78 million. The latest cut on the listing was made in September.

However the house is now being sold by Second Step Asset Management Co., a Bank of America subsidiary, who took ownership of the property in June 2016.

The property was a litigation nightmare for Mr. Abbey, who long contested his property tax bill, according to reports.

Ms. Maddux told Mansion Global that she was limited in what she could say about the handover of the property, but noted that the future owner would be getting a completely clear title, adding that Second Step has maintained the property well. “It looks better now than when they took the listing,” she said.

Spanning 22,000 square feet, the main house has five bedrooms, eight bathrooms, a commercial grade elevator, a great room with 45-foot-high ceilings and a fireplace so large 15 contractors once fit inside it, Ms. Maddux said. There’s a copper observatory, a commercial grade gourmet kitchen, a wine cellar, an indoor shooting range and a heated boat stall.

The island is also home to a two-bedroom guest residence that simultaneously serves as a boathouse.

“It’s almost a property you can’t even describe,” Ms. Maddux said. “Every time I’m there I discover something new.”

Ms. Maddux began representing the property when Second Step took control in 2016 and she first priced it at $39 million.

“There’s not much like it in the whole region,” she said. The buyer’s “going to be someone that really appreciates the private seclusion.”


Mansion Global
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