Aussie woman buys Glenorchy property

One of the South Island’s most stunning properties has sold to a glamorous Australian technology operator.

Sheona Devin, who founded the PlanIt Software testing firm and is now a principal of start-up investment firm Flying Fox Ventures, has bought a 3-hectare property on the shores of Lake Wakatipu near the township of Glenorchy for $17 million.

Known as Twin Peak View and designed by Dunedin architects Mason and Wales, the house with a 1075-square-metre floor area has four luxury suites positioned for the spectacular views across the lake to the mountains.

Devin, who finalised the deal in August, also bought two neighbouring pieces of land that were included in the deal. The property was owned by Norwegian millionaire Tom Welo through his New Zealand company Libra Corporation. He received approval from the Overseas Investment Office to buy the land in 2014, paying $2.3m.

At the time he said he was buying the land to build a private residence and to enhance the natural land on a neighbouring plot.

In a new twist, the real estate agency that sold the land has obtained a court order against Libra Corporation over unpaid commission of $586,000.

Justice Rob Osborne, in the High Court in Invercargill, issued a freezing order on November 17. It prevents the funds from the sale of one of the Libra properties from being distributed.

The order, granted by the court without the notice to Libra, was granted to Wakatipu Realty Group Ltd, which owns Ray White Queenstown on November 16.

Libra did not pay the commission on the sales being completed and Wakatipu Realty issued a statutory demand – a demand under the Companies Act which sets in motion debt proceedings – to Libra. The company responded by lodging a High Court application to set the demand aside. The matter is due to be heard in the High Court in Invercargill on December 9.

Bas Smith, the principal of Ray White Queenstown, said he was unable to comment for legal reasons.

The sole director of Libra, Wellington lawyer Ross Hanning, did not respond to The Press approaches.

In his judgment released on November 17, Justice Osborne said Smith had provided information that Welo claimed they had agreed the commission would be paid when another parcel of land was sold. However, Smith did not accept that such an agreement was reached and referred to his own correspondence at the time, which recorded a different understanding of their discussions.

The judge said he was swayed by the fact ‘‘there was an asset to which the [freezing] order can apply ... which may shortly be converted to proceeds of sale’’.

A real risk the assets would be disposed of existed, he said.

‘‘The evidence is that the sole shareholder is based overseas and the commission from the sale of the previous two properties, now overdue, has not been paid out of the proceeds of those two sales.’’

Given that the without notice injunction would be of limited duration, the overall justice of the case and the balancing of interests strongly favoured the real estate agent, Justice Osborne said.

The freezing order will be dealt with on the same day as the statutory demand request.