A super-home and adjacent bare lot on the highest ridge at Wyuna Preserve, near the top of Lake Wakatipu, is for sale for $24,995,000.
The five-bedroom home, completed in 2013, has more than 750sq m of internal space, including an entertainer's kitchen and master suite in its own wing.
There is also more than 100sq m of exterior terraces and decking, a sauna, cantilevered spa pool and a grass amphitheatre.
It is the third local home to be listed at this sky-high level in the past four months.
In November, a nearby luxury Wyuna home, again with an adjacent section, was listed for $33 million.
And a super-home at The Peak, on the top of Queenstown Hill, is on the market at $23.5 million.
All three have been listed with Arrowtown-based Luxury Real Estate New Zealand, been designed by Dunedin's Mason & Wales Architects and built by locally based Triple Star Management.
With this latest listing, Luxury Real Estate NZ director Terry Spice said the American family who built it while overseas had since relocated to the North Island, but were not spending enough time down south.
A buyer could keep the adjacent site vacant for privacy, or build a guesthouse.
Mr Spice said he was in no doubt the asking price was realistic.
''Without the house you've got two blocks [totalling 6.6ha] in the high-$7 million region, and then there is the build cost today.
''The natural beauty surrounding Wyuna Preserve is outstanding and thus is gaining a reputation as one of the best and most high-end gated communities in New Zealand.''
Mr Spice said the vendor was not trying to beat the Government's proposed ban on foreigners buying New Zealand property, because of the unlikelihood of finding a buyer in this timeframe.
A year ago, Spice is believed to have brokered the record local residential deal, the sale of a Closeburn Station home to billionaire New Zealander Graeme Hart for about $24 million.
-By Philip Chandler
