The Ferntree Lodge property, confiscated from convicted fraudster Michael Swann, has been sold.
Few details about the buyer or the price could be released, but Bayleys real estate agent Bev Walker said the property was sold to a South Island buyer (not from Dunedin) for "around the asking price" of $625,000.
The Wakari property was put on the market after the High Court ordered forfeiture of at least $2.5 million of seized goods belonging to Swann family trusts.
The government valuation of 14 and 24 Ferntree Dr is $905,000 and the Dunedin City Council website lists the property's rateable value at $907,000.
A price was put on the property by the Crown after a failed auction and exhausted negotiations.
Bidding at the July 12 auction started at $350,000 and reached $450,000, which was below the Crown's reserve. The property was then passed in.
Ferntree Lodge consists of the original 1849 pioneer cottage, which stands beside the mock-Tudor house built in 1902.
The seven-bedroomed house has four living rooms, a study, library, two dining rooms, a billiard room and four-car garaging.
Although the home has stained glass windows, sculptured plaster ceilings, handsome fireplaces and a beautiful central staircase, it is in need of some repair.
Ms Walker said the sale was a great outcome for the future of the house.
"It will be the new owners' home. It's going to be restored, well maintained and loved as a Dunedin heritage home."
