Almost $500,000 from Christchurch Cave Rock apartments sale sitting in limbo
A dispute over vandalism and flooding damage means nearly $500,000 has been withheld from the sale of Christchurch's Cave Rock apartments.
The Sumner complex’s new owners say the sellers neglected to keep the property secure after an agreement was reached but before settlement was made. They claim the damage has forced them to change their plans for the site, including demolishing part of the complex they had planned to repair.
Some former owners claim the buildings were already badly damaged before the “as is, where is” agreement was made, and dispute they are liable for any of the claimed damage. They are frustrated an independent lawyer holding $480,000 of the sale price will not release any of it until all sellers reach an agreement with the buyers.
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