PHOTO: Rae Beverley Adlam was ordered to sell her Tauranga property to repay millions taken from businesses she was involved with on behalf of a trust. ANNEMARIE QUILL/STUFF
Two luxurious Bay of Plenty homes, worth millions of dollars, have been quickly purchased by buyers without the opportunity to view the properties beforehand. The reason for this unique situation was that a businesswoman, involved in questionable activities, was compelled to sell the homes to settle a $10 million debt.
The first property was an elegant colonial-style Georgian mansion located in Tauranga. It boasted a splendid fountain and pool, and the listing agent described it as emanating “Hollywood glamour” within a highly esteemed residential enclave.
The second property, situated in Pukehina, was a stunning waterfront estate. The estate was a private oasis with a beautiful beachfront, surrounded by lush palm trees, and spanning over 2.7 hectares.
Both properties were sold through an auction “as is,” with buyers unable to view the interior or obtain builders’ reports. Moreover, there were no guarantees regarding the number of bedrooms or garages as described in the listings.
In an effort to conclude a 15-year-long bitter family dispute, Rae Beverley Adlam received an order on March 1 to sell the properties involved, which had been the subject of multiple court hearings within the Māori Land Court jurisdiction.
The proceeds from the property sales were to be directed to the trustees of the Savage Papakāinga Land Trust, intending to partially settle the debt Adlam owed for misappropriating funds from geothermal plants on land owned by the trust in Kawerau. Although the court appraised the homes at a value ranging from $4 million to $5 million, the court-ordered sales resulted in them being sold for less than their registered values.
The auctions attracted significant interest, with hundreds of inquiries, primarily from buyers in New Zealand. The Georgian-style mansion was swiftly purchased for $1.47 million, while the coastal “haven” found a buyer at $2.1 million.
Rae Beverley Adlam, recognized for her contributions to business, had been honored as a Member of the New Zealand Order of Merit in 2008 and earned the title of Businesswoman of the Year in 1986. She played a pivotal role in the $10.5 million Ngati Tuwharetoa (Bay of Plenty) Treaty of Waitangi settlement in 2005, serving as the chairperson of the settlement trust.
While residing in the Tauranga house herself, Adlam’s son lived in the beachfront home in Pukehina. Despite her legal team arguing that a sale would leave her “homeless,” Adlam, a 76-year-old superannuant with limited assets and income, was obligated to proceed with the sale of the properties.
SOURCE: STUFF