AMERICA’S CUP HOUSE HUNT
Billionaire Larry eyes NZ digs
Fresh from losing the America’s Cup, billionaire Larry Ellison and his syndicate Oracle Team USA look set to want a crack at winning it back.
The Herald on Sunday has learned that representatives for Ellison — and other syndicates set to contest the Cup in four years — are looking for property in the Auckland area.
The wealthy syndicates have serious money, and want big, luxury properties with sea views of the Hauraki Gulf, where racing may be held.
Team New Zealand snatched back the America’s Cup from Ellison’s Oracle in Bermuda last month, winning the series 7-1.
Details on Team New Zealand’s defence — including how much of the event will be raced in Auckland and type of boats — are still several weeks away, but sources said the likes of Ellison were already looking our way.
“Representatives are sending in briefs on the type of property they would like, and are saying, if it is not on the market now, let us know when it is,” a source said.
“Since the Cup was won, there has been an influx of interest from a lot of people — fans of sailing and those associated with syndicates.”
The Herald on Sunday spoke to several leading high-end property agents last week.
None would confirm the identities of America’s Cup figures, or their representatives, who had expressed in possible property purchases.
But Ollie Wall, of Graham Wall Real Estate, said there had been interest from some about properties by the water.
Wall said because its company relied heavily on “security of information” it was unable to give specific names or addresses.
“What I can say is that we have had serious inquiries about Auckland waterfront and Waiheke property by people directly involved with the America’s Cup since the win.”
Wall expected to see a substantial rise in the value of Auckland waterfront property in the years leading up to the Cup.
But one thing that could hamper plans was a lack of luxury waterside pads on the market.
“Our issue at the moment is supply of quality stock for the discerning buyer,” Wall said.
Homes.co.nz chief marketing officer Jeremy O’Hanlon said some of the nicest coastal Auckland homes were on Cliff Rd, Takapuna.
“You can comfortably watch the boats go out to race and sink $10m into a luxury residence.”
He said other options were on Waiheke, where it was possible to buy a waterfront home and park your yacht in front for under $5m.
Michael Boulgaris, of Boulgaris Realty, which specialises in high-end property, was unsure how big an impact the America’s Cup would have on the market.
“We are not Monte Carlo, and we don’t have Aspen skifields.”
Meanwhile, a spokeswoman for Panuku Development, the Auckland Council-controlled organisation overseeing urban regeneration, said there had been no inquiries from yachting syndicates about leasing its range of waterfront properties.
America’s Cup commentator, former Kiwi yachtie Peter Lester, also believed syndicates would only seriously start looking at property — including team bases and accommodation options — after the defence protocols were announced.