April 05, 2012

Fiji property up for mortgagee sale

Last updated 16:56 04/04/2012

A beachfront Fijian property once planned as a five-star resort by controversial Auckland property developer Andrew Krukziener has been put up for mortgagee sale.

Bayleys is marketing the 10.9ha Sovi Bay site on Fiji's Coral Coast for sale by tender on May 10.

The property is in two freehold titles - a rarity in Fiji - and has an ocean beach frontage.

Krukziener formed his Sovi Bay development company in 2001 and had proposed a $40 million luxury 20-bure boutique resort and residential beachfront lots for the site.

Sovi Bay Ltd is now in liquidation, and the only liquidator's report from the Official Assignee reveals that failed finance company Strategic has a $12.4m secured claim against the company.

Krukziener filed for bankruptcy in December 2010 after a long-running battle with the Inland Revenue Department.

Prior to that, his wife Gitta Saidi had become the director of a long list of companies previously headed by her husband.

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