The Oamaru Whitestone Civic Trust is seeking legal advice after the buyer of the Oamaru Railway Station failed to settle the contract.
Trust chairman Peter Garvan said the sale for the Heritage NZ category 2-listed property had gone unconditional on July 24.
''Settlement has not taken place as per the contract,'' he said.
The Oamaru Whitestone Civic Trust board was now seeking ''legal advice'' before making any decisions.
''The trust has at all times acted in good faith,'' he said.
In accordance with the contract, a deposit had been paid.
The building was vacated in September, after the tenants were given notice under the terms of the sale contract.
The trust has never revealed the sale price or the name of the North Island buyer.
When the sale went unconditional in July, Mr Garvan said the proceeds would be used for major projects or property acquisition.
The trust had said the buyer had planned to maintain the exterior features and appearance of the station building.
There were also plans to restore the station's interior as close as possible to its glory days.
Heritage NZ and Waitaki district plan protection meant any alterations to the Oamaru Railway Station would require resource consent, including approval from Heritage NZ.
