{"id":539187,"date":"2026-07-22T20:40:16","date_gmt":"2026-07-22T20:40:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/539187\/"},"modified":"2026-07-22T20:40:16","modified_gmt":"2026-07-22T20:40:16","slug":"4-1m-isnt-enough-receivership-mansion-fails-to-sell-at-auction-all-things-property-under-oneroof","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/539187\/","title":{"rendered":"$4.1m isn’t enough: ‘Receivership’ mansion fails to sell at auction, All things property, under OneRoof"},"content":{"rendered":"

– Buyers offered just over $4 million for Jeff Gao’s Remuera mansion, but it wasn’t enough.<\/p>\n

– The five-bedroom home was auctioned after Gao’s property empire collapsed, with creditors stepping in.<\/p>\n

– Gao remains optimistic despite the downturn, focusing on managing through the cycle and recovery.<\/p>\n

Buyers were prepared to pay just over $4 million, but that wasn’t enough to secure developer Jeff Gao’s luxury mansion in Auckland’s double grammar zone.<\/p>\n

Receivers had ordered the sale of the five-bedroom home at 17b Warrington Road, in Remuera<\/a>, after Gao’s property empire collapsed.<\/p>\n

Wednesday’s auction for Warrington Road kicked off at $2m, and paused for negotiations 19 bids later at $4.1m. The property, which has an RV of $2.55m, was passed in shortly afterwards and at the time of publication was still available for sale.<\/p>\n

The New Zealand Herald reported<\/a> at the weekend that the mansion was one of nine properties that had been listed for sale after Gao’s creditors stepped in. <\/p>\n

\"17B<\/p>\n

The sale of the five-bedroom home was ordered by the receivers. Photo \/ Supplied<\/p>\n

\"17B<\/p>\n

The property has an RV of over $2m and belongs to property developer Jeff Gao. Photo \/ Supplied<\/p>\n

Records show that the rights to a Rolls-Royce Phantom had also been caught up in the lenders’ push to recover funds from Gao.<\/p>\n

Gao told the Herald that he had been hit hard by the property market downturn, but was optimistic he would bounce back.<\/p>\n

\u201cI have been involved in property investment and development in New Zealand for many years, employing numerous local staff and contractors along the way and making a positive contribution to the New Zealand economy,\u201d he said.<\/p>\n

\u201cLike many others in the industry, I am currently navigating the challenges arising from the downturn in the property market. My focus remains on responsibly managing through this cycle while positioning for the next phase of market recovery.\u201d<\/p>\n

Discover more:<\/p>\n

– Wild Poppies founder’s coastal homes face mortgagee sale<\/a><\/p>\n

– Kim Dotcom’s $9m rental: Inside the lavish waterfront spread<\/a><\/p>\n

– Historic church building seized from cannabis grower now for sale<\/a><\/p>\n

17B Warrington Road was presented at auction as an opportunity of outstanding value. The five-bedroom, four-bathroom Remuera home has multiple living areas, as well as a heated pool and a theatre.<\/p>\n

\u201cOffered as a receivership sale, this is a rare and timely opportunity to secure a substantial Remuera residence with location, scale and value,\u201d Bayleys agent Sarah Liu wrote in her listing on OneRoof. <\/p>\n

\u201cBuyers are encouraged to act with urgency and complete their own due diligence.\u201d <\/p>\n

Entry to the home was through an impressive high-ceiling foyer which opened to a light-filled atrium that expanded through the home, according to the listing. <\/p>\n

\"17B<\/p>\n

The house is filled with luxury fittings and fixtures. Photo \/ Supplied<\/p>\n

\"17B<\/p>\n

According to property records, it changed hands in 2019 for over $1.8m. Photo \/ Supplied<\/p>\n

\u201cThe main living level centres around a striking kitchen and dining space, double-sided schist fireplace and sunny lounge areas, with flow to barbecue decks and a heated lap pool.\u201d<\/p>\n

Downstairs had a multi-functional living zone with kitchenette, home theatre, deck and garden access, while upstairs the master suite included a generous fitted dressing room and ensuite with freestanding bath, and an additional lounge and guest suite. <\/p>\n

The Herald article said online lender Rhino Solutions was among the more recent financiers to advance Gao funds and had appointed receivers to sell his Remuera home. <\/p>\n

Rhino Solutions advertised online that it lent loans of up to $20,000, charging rates between 21.9% and 29.2%, and default interest at 47.45%. <\/p>\n

The\u202fHerald\u202funderstood it lent more than that to Gao and it was listed as the second mortgage lender on his Remuera house, according to land records. <\/p>\n

Gao did not respond to Herald questions about how much he or his companies owed.<\/p>\n

– 17B Warrington Road, Remuera, Auckland, is for sale<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"– Buyers offered just over $4 million for Jeff Gao’s Remuera mansion, but it wasn’t enough. – The…\n","protected":false},"author":2,"featured_media":539188,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[42,1258,43,40,38,41,39],"class_list":["post-539187","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-headlines","tag-latest-news","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/539187","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=539187"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/539187\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/539188"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=539187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=539187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=539187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}