Foreign buyers are entering! Auckland waterfront multi-million house sold!

Comprehensive report from New Zealand Chinese Pioneer Ju’an Former National Business Review (NBR) weekly publisher Barry Colman has sold his Auckland waterfront mansion to a foreign buyer for an undisclosed price.

This property is located on Riddell Road in Glendowie, Auckland. It covers an area of ​​approximately 2,449 square meters and is equipped with a luxurious five-bedroom traditional-style house, an indoor heated swimming pool, an underground garage, an elevator and other facilities.

Listing agent Greg Dennerly of New Zealand Sotheby’s International Realty confirmed the deal but would not comment further.

Colleague Pene Milne, who brought in the buyer, said the deal was done through the government’s Active Investor Plus (AIP) investor program.

Under the new “golden visa” rules that came into effect on March 6, foreign investors can buy or build New Zealand homes worth $5 million and above.

Milne said: “The buyer had already expressed interest at the end of last year, and only after the AIP policy time was clarified, he was able to officially start buying a house.”

Neither Milne nor Dennerly disclosed the transaction price, but said the deal is expected to close by the end of March.

Colman himself has not commented on the sale.

Colman, who sold NBR in 2012, is also experienced in real estate, having made his first fortune in the early years through the now-defunct Property Press magazine. In 2019, he also attracted attention when he purchased an architect-designed residence in Oneroa, Waiheke Island, for a then-record $9 million.

Colman and his late wife, Cushla Martini, purchased the property in Glendowie in 1988 and renovated it over several years. Colman recalled that the process “almost drove her crazy.”

“I’ve heard her say some pretty blunt things during construction, and honestly, I’m glad my only job is to sign checks,” he said.

They purchased the surrounding land in two installments: the first part in 1989 and the second part in 1998, with a total cost of approximately $2.3 million.

The renovation was carried out on the basis of retaining the wide corridor structure of the traditional residence, while adding many modern designs. For example, to accommodate Colman’s interest in cars, a seven-car garage was dug into the mountain behind the main house.

Martini died in 2005. She has scoured the world for the right experts to realize the design intentions, such as installing underwater lights at the bottom of the pool under the glass greenhouse (eventually contacting a supplier recommended by Disneyland), and has visited demolition sites in Dunedin in search of antique decorations and light fixtures.

Colman also discovered that his current wife Kati is actually a “hidden interior designer.” Together with designer Noelle Davies, she redesigned and updated the interior.

Colman quipped, “Project budgeting is almost a waste of time. I think the only people who take budgeting seriously are accountants—at least at first.”

“I’m not sure how much it ended up being spent, but I’m sure the new owners will have a very nice, comfortable home with an almost private beach right outside their door and the waves right in front of them.”

In a report published by OneRoof in 2024, when the property first came on the market, Colman said that he and his wife Kati’s price range was “around $18 million”.

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