The St Kilda venue hosted its last race in July 2021 and there has since been a legal wrangle affecting the property, but Harness Racing New Zealand (HRNZ) now has a clear path to put it on the open market.
The raceway was for decades home to the Forbury Park Trotting Club, which could receive some funds out of sale proceeds.
Resolution of a dispute relating to a 0.64ha slice of land on the edge of the park intended for a housing development was "a big relief" for it, trotting club chairman Lex Williams said.
"We can move forward," he said.
Mr Williams hoped a sale of the park would lead to the club being allocated funds it could invest to support it for the future.
HRNZ was required to keep Forbury Park venue sale proceeds in the southern region, which was south of the Waitaki River, Mr Williams said.
The Dunedin racecourse was deemed surplus to the racing industry’s requirements from August 2021.
About 11.6ha of land will soon be put on the open market and it is considered to have potential for housing, a wetland or a temporary water holding area to assist flood protection amid climate change.
Dunedin architect Gary Todd may or may not be in the mix for determining the future of Forbury Park.
The dispute had related to a deal he struck with the trotting club to buy a 0.64ha piece of Forbury Park to develop housing.
His company, Seed Housing, argued in legal submissions to the High Court the deal had already become unconditional by the time the Racing Industry Act 2020 came into force.
HRNZ, which was empowered by the legislation, viewed the deal — finalised the day before Royal assent was given for the Act — as lacking legitimacy.
The value of Forbury Park could be maximised if sold as one block, HRNZ corporate services general manager Liz Bishop was purported to have said in an affidavit.
A High Court judgement released in August essentially provisionally upheld Seed Housing’s argument the company had a legitimate interest in the slice of land.
A caveat by Seed Housing on the land title will now be withdrawn.
Mr Todd said yesterday all the parties had come to an agreement and that allowed a sale process to go ahead.
"It’s open to anybody now," he said.
The terms of the agreement were confidential.
He maintained an interest in exploring solutions for South Dunedin, but he was yet to decide on whether he would bid for Forbury Park, Mr Todd said.
HRNZ was hopeful the sale could be concluded by the end of July next year.
The most recent valuation of the property was $14.8 million.
About 0.5ha of the site was sold to the Ministry of Education in June to provide St Clair School with more space for playing fields.
HRNZ said previously water detention areas were likely to be part of any development because of the low-lying nature of the area.
Taieri MP Ingrid Leary said the dispute resolution opened up opportunities to keep ahead of flood risks in South Dunedin while allowing people to continue to live in the area.
"Forbury Park is a strategically important part of the climate change adaptation puzzle due to its size and location."
