The Ferntree Lodge property, confiscated from convicted fraudster Michael Swann, has had a price put on it by the Crown after a failed auction and exhausted negotiations.
Bayleys real estate agent Bev Walker said the Crown was now asking for $625,000 for the land and buildings.
"This is standard practice after an auction. The market wants to know a price."
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.
Bidding at the July 12 auction had started at $350,000 and reached $450,000, which was below the Crown's reserve. The property was passed in by the auctioneer.
Ferntree Lodge contains the original 1849 pioneer cottage, which stands beside the more recent 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. 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.
Ms Walker hoped the property would sell quickly now that it had an asking price.
