PHOTO: 102 Glandovey Road, Fendalton. BAYLEYS
A multi-million-dollar home owned by embattled Christchurch businessman Phil Burmester is set to go under the hammer as part of his bankruptcy proceedings.
The luxury Fendalton residence, located at 102 Glandovey Road, will be auctioned by the official assignee on April 16, marking another chapter in the financial downfall of one of Christchurch’s most high-profile entrepreneurs.
A Grand Home on the Market
This stone-clad, two-storey home boasts 280m² of space on a 556m² section, offering both elegance and prestige in one of Christchurch’s most sought-after suburbs.
- Current Rating Valuation (RV): $2.17 million
- Last Sale Price (2018): $1.7 million
- Annual Council Rates: $11,500
Marketed by Harcourts, the listing describes the mansion as “well presented and very grand in stature.” However, despite its premium appeal, the home is now being sold as part of Burmester’s bankruptcy process, following an unpaid debt that saw him declared bankrupt eight months ago.
Phil Burmester: From Business Success to Bankruptcy
Burmester has long been a key player in New Zealand’s property development scene, having been involved in a range of high-profile ventures.
Some of his most notable projects include:
✔️ Southern Capital – the company behind the launch and sale of the Pegasus development in North Canterbury
✔️ Clearwater Resort – a major investment in Christchurch’s prestigious golf resort
✔️ Awarua Lodge – a luxury accommodation project in Abel Tasman National Park
✔️ Ryton Station – a large property overlooking Lake Coleridge, later sold to an English investor
Controversial Business Deals & Legal Battles
While Burmester has enjoyed success in property and business development, some of his more recent ventures have drawn significant controversy.
His involvement in water bottling deals in Canterbury saw him acquire industrial and rural properties, which he then onsold with water rights to overseas companies.
⚖️ This led to a legal battle, which resulted in a 2023 Supreme Court ruling banning the practice of selling land with pre-approved water extraction rights.
A Long-Running Financial Struggle
Burmester’s financial troubles have been ongoing for over a decade. In 2014, he successfully fought off an attempt by Inland Revenue to have him bankrupted, only for his debts to catch up with him in 2024.
Now retired and stripped of all company directorships, Burmester’s only remaining asset is his Fendalton mansion, which will soon belong to the highest bidder.
What’s Next for This Luxury Property?
With Christchurch’s property market continuing to perform strongly, high-end homes in Fendalton remain highly desirable. The auction on April 16 will determine whether Burmester’s former residence fetches top dollar—or if it will be sold below market value.
Will this bankruptcy sale be a bargain for luxury buyers, or will fierce bidding drive the price even higher?
SOURCE: STUFF