Seven months after it was put up for sale by international tender, the Kingston Flyer steam train still has no buyer.
The steam train's owner, Kingston Acquisitions Ltd (KAL), was placed into receivership by mortgagee Prudential last November and its assets put up for sale in December.
Receiver Lindsay McClean's second report, released on Friday, said no tenders had been acceptable.
"Negotiations with interested parties are continuing," he said.
The report says the company owes Prudential $4.73 million and unsecured creditors a further $160,000.
The company was set up in 2004 by now bankrupt developer Dan McEwan, Kingston Enterprises Ltd and 11 other investors, to buy the historic train and property around Kingston.
The property covers 13 titles comprising the railway tracks, yards, workshop, Fairlight station, rail corridor, the Kingston Tavern, four development blocks and three vacant sections.
The company's original intention was to build a resort to include a commercial centre, town hall and shops, two hotels, restaurants, apartments and villas.
It also wanted to maintain the full historical significance of the Kingston Flyer steam trains, carriages, stations and track.
The company also owes undisclosed amounts to Kingston Enterprises Ltd and other shareholders.
Kingston Enterprises Ltd directors include KAL director Robert Caldwell and the train's previous operators, Ian Caldwell and Phil Kerr.
The report said unsecured creditors were unlikely to be paid.
Mr McClean declined to reveal the amount of the highest tender.
Prudential has vetoed previous offers by United States company Railmark to buy the train for $2.5 million.
It is understood Railmark is one of the interested parties in negotiations to buy the train.
Meanwhile, an Invercargill-based charitable trust, Southern F Locomotive Trust, has so far raised $35,000 with the aim of buying the train.
