Auckland penthouse for sale for $1, looking for ‘reckless buyer’

A leaky penthouse could be sold for just $1 to a “reckless” buyer when it goes under the hammer this week.

The apartment at 3A/12 Morningstar Place, in St Lukes, Auckland, is being sold with an ultra-low reserve – but buyers will need to have much deeper pockets if they want to take it on.

The Ray White listing on OneRoof warns that the property comes with challenges. “This spacious three-bedroom monster offers a rare opportunity for the brave, the adventurous or the just plain reckless. If that’s not you, do not read on,” it said.

(The three-bedroom penthouse will be empty for about a year while the remedial work is carried out. Photo / Supplied)

“Our seller is heading in only one direction – out of here.” The St Lukes Gardens Apartments complex has been dubbed the country’s biggest leaky building, and even featured in a documentary called A Living Hell: Apartment Disasters, which aired last year.

It was built between 2003 and 2011 and has serious defects and leaks including cracking facades to dangerously substandard foundations.

A settlement was made with the apartment owners after they launched a $60 million claim against the council and other parties in 2016, but the amount awarded was not enough to cover all the costs.

Some of the residents such as the owner of 3A/12 Morningstar Place have decided to sell before the bills start mounting.

Ray White listing agent Grant Elliott told OneRoof the owner received $355,000 in the settlement, which was only about a third of what he needed for his $1m share of the repairs.

While he paid $515,000 for the penthouse more than a decade ago, he was prepared to sell it for $1 if it came to that.

“This owner has decided to sell it because he can’t afford to do it [the repairs] or has just chosen not to – I’m not sure which one, but he just wants it gone.”

Elliott said while someone might be able to pick up the apartment for $1 and would have access to the $355,000 settlement money, they would still have to stump up a further $700,000 to complete the project.

(St Lukes Gardens Apartments complex is the largest leaky building repair project in the country. Photo / Supplied)

(A smaller apartment in the same complex sold in December for $17,500. Photo / Supplied)

Ref: Auckland penthouse for sale for $1, looking for ‘reckless buyer’

Photo Credit-Supplied