Another Wakatipu development by bankrupt father-and-son team Dan and Kelly McEwan has gone into receivership.
Bob's Cove Nature Reserve is a 42ha development 12km west of Queenstown on Queenstown-Glenorchy Rd.
PKF Corporate Recovery and Insolvency was appointed receiver of Bob's Cove Ltd by financier Strategic Finance on June 24.
Dan McEwan reportedly owes creditors over $100 million.
John Reid, of Christchurch, is a shareholder and director of Bob's Cove.
Receiver Anthony McCullagh said the debt to Strategic was "not insubstantial" but could not give further details as it was "early days".
Some groundwork had been done already, he said.
Forum Select Bob's Cove, which is in liquidation and owned and directed by Kelly McEwan, is also a shareholder and is believed to be a creditor of Bob's Cove.
Bob's Cove's website says 75% of the Bob's Cove site was to have been developed into a private nature reserve and the first stage consisted of 15 residential sections.
The 15 freehold fully serviced building sites are still being offered to the market on the website.
Luxurious country-club facilities, including cafe and bar, indoor swimming pool, gymnasium and tennis courts were also included in the plans.
A jetty on the foreshore reserve was to provide lake access for residents.
Also proposed was a Wapiti Lodge and Spa hotel, plus restaurant, bar and chapel.
The receiver's first report is due by September 4.
