Receivers move on $1m Waimarama mansion
A $1.25 million beachfront property at Waimarama is up for auction by receivers appointed by South Canterbury Finance.
The two-storey, three-bedroom house is owned by Property Food and Technology, which went into receivership on August 3.
The company's sole director and shareholder is Feilding businessman Kenneth Thurston.
Three of Mr Thurston's companies were placed in receivership in relation to a $14 million loan owed to South Canterbury Finance.
The South Island lending giant itself went into receivership last month, invoking the Government's loan guarantee scheme.
A fourth company owned and directed by Mr Thurston, Advanced Logistics, is also in the hands of receivers, appointed by Farmers Mutual Finance.
Nick Thompson from PKF Goldsmith Fox, receiver for Property Food and Technology, said the South Canterbury loan was spread across several of Mr Thurston's companies under a cross-guarantee. Property Food and Technology appeared to be used as a property holding company.
"Unfortunately it's linked to other companies which are in receivership and because of a number of cross-guarantees, this company has been dragged into the receivership."
Two other properties owned by the company were also likely to be sold. The Harper Rd house, which is being marketed by Tremains, has a rateable value of $1.25 million.
Agent Alison Small said there'd been strong interest, as beachfront properties at Waimarama rarely came on to the market.
"The last one I sold was over a year ago and that went for $1.3 million," she said.
The 162sq m house is on a 800sq m beachfront lot. Mr Thurston could not be reached for comment.
