Valuable land, worthless business
On 11 September 2026 liquidators put Byerley Park, a luxury racehorse breeding and training centre near Karaka in South Auckland, on the market by deadline tender. The first liquidators’ reports confirm the two companies behind the facility owe more than $16 million to creditors, and that figure is a floor, not a ceiling, because Inland Revenue has yet to confirm what it is owed.
The land is genuinely prime. It sits beside New Zealand’s premier bloodstock sales precinct. But land quality is not solvency, and the business built on it was never viable. That is the lesson here, and it has nothing to do with horses.