Five Mile Holdings Ltd, the company behind the ambitious Five Mile development at Frankton, owes at least $79.6 million in secured and unsecured claims.
The rateable value of the site has been put at $37,425,000.
It was announced on Thursday the 31ha Five Mile development - including the "hole in the ground" - bought by property developer Dave Henderson for a rumoured $11 million in 2002, had been put up for mortgagee sale.
Bayley's Real Estate is marketing the mortgagee sale by an international tender process, with a deadline of March 12.
Bayley's Queenstown director David Murray told the Otago Daily Times "inquiries suggest" the rateable value on the site was $37,425,000.
Five Mile Holdings Ltd, owned by Mr Henderson, was placed in receivership in July by lender Hanover Finance because of loan repayment defaults.
The first report on Five Mile Holdings Ltd by receivers Deloitte, dated September 9, last year, showed claims received totalled $79,621,615.
Secured claims accounted for more than $76 million. Dominion Finance Group Ltd, also in receivership, had not advised the amount of its secured debt, which was additional to the balance.
It was unclear yesterday whether Hanover was the sole claimant for secured claims and if Dominion Finance Group Ltd had since advised the amount of its secured debt.
Unsecured claims owed by Five Mile Holdings Ltd totalled almost $3 million.
While Bayley's principal John Bayley said "significant interest" in the sale was expected from throughout New Zealand and offshore, the Queenstown Lakes District Council would not be lining up to place a tender. Mayor Clive Geddes said the council discussed whether it should buy the property in July, had revisited the question and each time had said "no".
"We believe the community will achieve the outcomes it desires [without the council buying the site]."
Mr Bayley had said any interested buyer would need a long-term vision for the development of Five Mile, Mr Geddes said.
