The new figure of $7,522,055.20 included interest, penalties and costs, and was revealed in legal action heard by the High Court at Dunedin yesterday.
South Canterbury Finance sought a summary judgement against Grande Dunedin Ltd and the two guarantors of the loan, Ro Ro Investments Ltd and Robert Dan McEwan.
The court accepted an order against Grande Dunedin, but reserved its decision on the other two until March 30, given some doubt about the financial status of Mr McEwan.
The Official Assignee was to be sent a copy of the judgement and the status of Mr McEwan's financial position would be clarified.
The outstanding debt to South Canterbury Finance was initially believed to be about $5 million while an undisclosed amount of money was owed to people who bought and paid for apartments built as part of the development.
The former chief post office was now the subject of a mortgagee sale, with tenders for purchasing the building closing March 25.
