Record $4m for Mt Maunganui house

Monday 7 June 2004

A Mt Maunganui beachfront home has sold for a record $4 million in the western Bay of Plenty - pushing the local housing market to staggering new heights.

By The Landlord

A developer paid nearly double the valuation of $2.2 million for the house and 675 sq m section on the corner of Banks Ave and Marine Parade.

The house, which was bought by Pat and Patricia Stott in 1960 for £18,000, will be demolished to make way for an apartment complex.

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