Court Report: More juice from trophy property squeeze
Hamish McNicol talks about biting, caveats, and a trophy property squeeze in the Hawke's Bay. With special feature audio.
A dispute over a landmark 25ha piece of land took another turn around the Horseshoe Bend last week when prominent local designer and developer Andy Coltart was granted new caveats on the trophy property where he has lived since 2010.
NBR has been covering the dispute over the land on a stretch of the Tukituki River known as Horseshoe Bend, near Havelock North, since October.
It has since descended into bizarre allegations of an electricity linesman being bitten by a resident while a bankrupt Australian businessman who borrowed about $2.6 million from Westpac for a subdivision project was also bankrupted in the High Court at Wellington last week.
The Court of Appeal’s latest decision, released last week, has blocked a proposed $2.5 million sale of a homestead on the property by Charlie’s co-founder Stefan Lepionka.
It found the Lepionka mortgagee had breached its duty to act in good faith to Mr Coltart when exercising its powers of sale, and it was not entitled to cancel Mr Coltart’s option to purchase the homestead lot.
Costs were also awarded in Mr Coltart’s favour.
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Thu, 14 Apr 2016
Thu, 14 Apr 2016
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Court Report: More juice from trophy property squeeze
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