Kingston Acquisitions Ltd (KAL) owes its mortgagee Prudential Mortgage Nominees Ltd $4.73 million and unsecured creditors a further $160,000, the report says.
The company was placed in receivership in November.
It was set up in 2004 by now bankrupt developer Dan McEwan, Kingston Enterprises Ltd and 11 other investors, to buy the historic train and other property around Kingston.
The report says 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.
It says 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 assets were put up for sale by international tender but none of the tenders received was acceptable.
"Negotiations with interested parties are at an early stage," the report says.
The report shows 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.
Receiver Lindsay McClean, of Malloch McClean, Queenstown, declined to reveal the amount of the highest tender.
Prudential Mortgage Nominees has vetoed previous offers by United States company Railmark to buy the train for $2.5 million.
