Eric Watson

Wellington, July 29 NZPA - Hanover Finance co-founder Eric Watson's former home, which has a golf course, polo ground and heli pad, is for sale.

The Westbury Estate on Batty Road in Karaka is being marketed by Colliers International. A tender for the property closes on August 25.

National Business Review reported that the 37.2 hectare Westbury Estate was once home to Mr Watson and ex-wife Nicky Watson. Mr Watson paid $1.32 million for the land in 1995 but its latest rateable value is $6.3 million.

Colliers has released a 27-page description of the property, which is presently operating as a discrete corporate retreat.

"This landmark property is offered complete with a three level country home, heated swimming pool, sauna and gymnasium, jacuzzi, floodlit tennis court and PGA standard nine hole golf course, polo field, heli pad and lake," Colliers said.

The property is within 40 minutes of downtown Auckland and in the Te Hiri area of Karaka, a region renowned for its thoroughbred horse breeding and yearling sales.

"This is an unparalleled opportunity to own a superlative estate that could continue as an exclusive retreat or be enjoyed as one of the most exceptional residential properties in New Zealand," the marketing document said.

The home is 617sq m with 165sq m of decks.

Hanover Finance suspended repayment of its deposits in 2008 and its assets were sold to Allied Farmers last year.

The unfinished mansion of co-founder Mark Hotchin in Paritai Drive in Auckland is expected to be sold when it is completed. The seven-bedroom home is reported to have a theatre, a games room, garaging for 12 cars, a car wash, two swimming pools and a tennis court.

Mr Hotchin was reported to be living in Hawaii for three months and to have flown his personal trainer there from Auckland.