Kingston Flyer

Wellington, Dec 24 NZPA - Central Otago's historic Kingston Flyer steam train has failed to sell.

The train, track, station, buildings and nearly 80ha of surrounding land were put on the market after its owner, Kingston Acquisitions, was placed into receivership in November. The company owed at least $4.7 million to Prudential Mortgage Nominees, the mortgagee.

However, the Kingston Flyer Charitable Trust, which hopes to buy the train, was informed by the real estate agent that none of the seven tenders were acceptable to the mortgagee, the Southland Times reported today.

Malloch McClean receiver Lindsay McClean confirmed the mortgagee had not accepted any tenders, but declined to reveal the highest bid.

He said the mortgagee would clarify what the sale involved before talking again to interested parties. Tenderers will be contacted next year.

In July last year the land and buildings were valued at $2.5 million and the development land at $3.2m. The train was valued at $950,000, but this was considered a nominal figure.