Prassinos' firms in liquidation

Andre Prassinos
Andre Prassinos
Three companies of former Wanaka developer Andre Prassinos have been placed in liquidation by the SBS Bank over an unspecified debt still outstanding over properties in the Cardrona Valley and another at Mt Barker near Wanaka.

Mr Prassinos is a director of all three companies - Goldrush Holdings Ltd, Falcon Ridge Ltd and Jacks Bay Ltd.

He is the major shareholder of the first two companies and an equal shareholder of Goldrush, whose other three shareholders are two women with addresses in Santa Monica, California, US, and another in Warwickshire, in the United Kingdom.

Mr Prassinos, an American with New Zealand citizenship who now lives in Canterbury with his wife and co-director Heather Hughes, was an outspoken critic of the Queenstown Lakes District Council and some developments around Wanaka.

He also spoke out against neighbours and had many detractors himself.

Last August, SBS Bank forced the sale of four sections owned by Mr Prassinos at Jacks Bay near Owaka, in the Catlins, and in September held an unsuccessful mortgagee auction of his 40ha rural property in Mt Barker near Wanaka, which had a rateable value of $1.6 million.

The Mt Barker land is understood to have sold below valuation later, although this could not be confirmed.

Later that month, an auction of four of his Cardrona sections was unsuccessful.

The three companies were placed in liquidation on Monday, following an application by SBS Bank.

They are now in the hands of Insolvency Management Ltd, of Dunedin.

Liquidator Iain Nellies said when contacted yesterday he was "still in the information-gathering stage" of the liquidation.

"SBS [Bank] are seeking more funds.

There could be some issues still open to them that a liquidator could pursue, as opposed to a company [SBS Bank] claim and guarantees on land," Mr Nellies said.

He was still researching SBS Bank's past claims as mortgage-holder on several of Mr Prassinos' properties, investigating what had been put up for sale, sales to date and the remaining level of indebtedness to the SBS Bank.

Last September, following the unsuccessful sale of the 40ha Mt Barker property, Mr Prassinos said in an interview that he had taken risks, had not foreseen the financial crisis and was paying the price for that.

His activities in the tourist haven over many years included opposing developments in Wanaka's town centre and at the Snow Farm on the Pisa Range and lobbying successfully for the removal of the Cardrona bra fence.

He later attempted unsuccessfully to obtain consent for a large organic lettuce and herb-production facility, appealed to the Ombudsman on various other issues, and sought Privacy Commissioner opinions.

One of the more vexed local problems he highlighted was the issue of historic land titles, by contentiously fencing off abandoned sections near Cardrona village.

The land was understood to have belonged to a Chinese goldminer in the late-19th-century.

simon.hartley@odt.co.nz

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