ATC gave Mount Hope Ltd an additional 12 days to settle the deal but no money arrived so on Monday ATC cancelled the agreement and get to keep the 10 Million deposit.
The property is back on the market and there are 5 parties expressing an interest. ATC representatives have met with one already, an Iwi developer and are planning on meeting with all interested parties in an attempt to get the right price.
Mackinnon believes the property is now worth more than the amount Mount Hope agreed to pay.