About nine months after being placed on the market, the 231ha Campbell Park Estate in the Waitaki Valley is still unsold, despite the property attracting interest from both Australia and the United States.
At present, the property is owned by a number of companies overseen by Charles and Nathan Tompkins, who bought it in 1988 after the Ministry of Education closed the special school for boys that had operated on the grounds for 79 years.
Real estate company CBRE advertised the property for sale in November last year, but real estate agent Mike Beresford said yesterday that although potential buyers had inquired about the estate, it had been difficult to nail down a buyer.
"There has been some interest. We would have had more than 20 people look at the property, and for various-type uses - hospitality, accommodation and education.
"We have had some discussions with the likes of private schools and those sort of facilities.
"It has been marketed in Australia, and we have had interest over there from various parties. We have had inquiries from the States as well. There have been a number of inquiries, but I guess we are in what you could consider a bit of a recession."
Although the Waitaki District Council placed a rateable value of $3.3 million on the property, Mr Beresford said the estate's buildings, which included 33 houses, a theatre, library, gymnasium and an airstrip, had a replacement value of between $20 million and $25 million.
"There is an opportunity to buy this value for considerably less than the replacement value, for sure.
"It is hard to find the right sort of buyer for a property this major. But for the right people, it will be good buying."
