The origin of the fire, in the Dalefield area, is now being investigated.
More than 16 firefighters and many police attended the fire shortly after midnight and it was extinguished after several hours.
The size of the fire was confirmed earlier today to be just under 0.5 ha.
It is understood the property at the centre of the Dalefield furore is an exclusive lodge in Littles Rd, owned by a company associated with Empire State Realty Trust chairman, president and chief executive Tony Malkin, of New York.
Many neighbours were up in arms in the week leading up to the fireworks display, as they were concerned it would upset their horses and other stock.
Liz Park leases a block of land at Dalefield, for her daughter's retired eventing horse, Louie, who is 18 years old.
Mrs Park said she gave up her own New Year's Eve party to spend the evening with Louie, and was distressed by how upset he became during the fireworks and the subsequent fire.
"I wish I could have a photo for you of the horse's eyes. They were bulging out of his head,'' she said.
Mrs Park said she was lucky she had a massive paddock so Louie did not bolt the fences.
She gave them one herself during a 20 minute phone call to Fenz staff in Dunedin, she said.
"I wish they could have seen what it was like.''
Mrs Park was unable to relocate Louie but some of her neighbours trucked their horses away.
John Quinn said he spent all New Year's Eve loading his horses into two trucks and driving them to Southland, where they all had a quiet and happy New Year.
"The cost to the community alone in moving the stock would be unbelievable,'' Mr Quinn said.
He found it incredible that one person could have that much impact on many other people.
"There was a lot of panic and fear last night,'' he said.
