The home has a pool and open living plan connecting its outdoor spaces with its lounge room and kitchen.<\/p>\n
There is a note to potential buyers that, when they take the keys, \u201cvacant possession is not guaranteed\u201d.<\/p>\n
\u201cInsurance becomes the purchaser\u2019s responsibility from the fall of the hammer and\/or once the sale is unconditional,\u201d the ad states.<\/p>\n
It is also possible that photos of the property might not reflect its current state, as they were \u201csourced from a previous [sales] campaign\u201d.<\/p>\n
A Westpac NZ spokesperson said the bank always engaged with its borrowers to \u201cexhaust all other options before considering a mortgagee sale\u201d. <\/p>\n
\u201cWe\u2019ve been working with this customer in relation to their property for more than a year prior to initiating the sale.\u201d<\/p>\n
Property records show the title had a legal caveat placed on it by Qi Chen in August last year.<\/p>\n
The home was bought by its current owners in December 2015, according to LINZ records.<\/p>\n
Changxin Pan is not on the ownership title.<\/p>\n
However, in December 2015, he changed the registered addresses of several companies he ran to 102 Kennedy Rd, Dairy Flat.<\/p>\n
Pan would later be made bankrupt and then be found to have breached director duties in two High Court rulings, both handed down in June 2024.<\/p>\n
The property covers an expansive 2.3ha rural block that included two houses.<\/p>\n
He ran a property development business through six companies, and was the sole director and shareholder of Red Beach Construction and Gaode Holdings, two companies at the centre of one of the court decisions. <\/p>\n
Justice Peter Andrew\u2019s High Court judgment of June 13, 2024, said Red Beach Construction sold its last property in 2018, leaving behind a $240,947 GST bill.<\/p>\n
The company never developed or sold another property, but was still involved in the movement of money between related companies.<\/p>\n
The ruling said $1.36m was moved out of Red Beach Construction between March 2019 and May 2021 to one outside company and a network of five other companies controlled by Pan.<\/p>\n
At the same time, $1.17m flowed back into Red Beach Construction in a circular fashion, leaving a net drop of $196,842.<\/p>\n
The court was told there were no records explaining the cash movements.<\/p>\n
Gaode Holdings was put into liquidation in 2022.<\/p>\n
The mansion goes up for auction on June 4.<\/p>\n
When liquidators looked at its books, they found Pan\u2019s shareholder current account was overdrawn by $255,314. He had withdrawn money as personal drawings, with no explanation in the financial statements.<\/p>\n
Justice Andrew ordered Pan liable for the combined $452,156, plus interest and costs.<\/p>\n
He found Pan had breached three director duties under the Companies Act, including his duty to act in good faith, for a proper purpose and not to trade recklessly in a manner that could cause risk to his company\u2019s creditors.<\/p>\n
Pan did not appear at the hearing and took no steps to oppose the case.<\/p>\n
Eight days earlier, on June 5, 2024, he was adjudged bankrupt in the same court on the application of a different, unrelated creditor.<\/p>\n
Attempts by the Herald to reach Pan or the property\u2019s registered owners were unsuccessful. <\/p>\n","protected":false},"excerpt":{"rendered":"Changxin \u201cJason\u201d Pan has also used the home as the registered address for a series of companies he…\n","protected":false},"author":2,"featured_media":446640,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[89693,51,1978,6124,138,8556,29414,1351,21140,78,119889,13207,17358,130,88453,111,139,425,69,90,1136,814,1133,227771,131,45666,61,8238,17454,102],"class_list":["post-446639","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-89693","tag-auckland","tag-auction","tag-bankrupt","tag-business","tag-companies","tag-developer","tag-had","tag-hammer","tag-in","tag-jetty","tag-lake","tag-mansion","tag-more","tag-mortgagee","tag-new-zealand","tag-newzealand","tag-now","tag-nz","tag-on","tag-private","tag-property","tag-sale","tag-sevenbedroom","tag-than","tag-ties","tag-to","tag-under","tag-whose","tag-with"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/446639","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=446639"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/446639\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/446640"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=446639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=446639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=446639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}