Pegasus Golf Club in liquidation with $9m in debts, last rounds on Thursday

Thursday, 12 March 2026

Pegasus Golf Ltd is in liquidation. The golf club is closing at the end of play on Thursday.

The last rounds were played at Pegasus Golf Course on Thursday , as the club enters liquidation.

Pegasus Golf Ltd was placed in liquidation on March 6, and a liquidator’s report showed it owed around $9 million to creditors.

The club announced on its Facebook page last week that it would stay open through the process: “The course, clubhouse, and all day to day activities continue as usual, and we’re very much looking forward to seeing you out here enjoying your golf.”

But a staffer, who was not authorised to speak about the liquidation, said on Thursday the club was closing down. Staff were leaving Thursday evening and the doors would be “locked” behind them, they said.

On its now defunct website, Pegasus described its grounds as a “beautiful privately owned parklands-style par 72 – 18 hole championship golf course”.

A report from liquidators Baker Tilly Staples Rodway published on Wednesday showed the club owed nearly $6.2 million to secured creditors and $2.7m to unsecured creditors. The value of assets, including the land and buildings, was unknown, so no estimated shortfall was included.

“The liquidation…results from debt recovery action taken by creditors,” the report said.

“The property owned by the company became subject to a mortgagee sale process, and that the Inland Revenue filed an application to the High Court to have the company placed into liquidation.”

Liquidator Jared Booth told The Press an investigation had been launched into the events that led to the liquidation. This would include considering whether the director had breached his duties.

The 5.8 hectares earmarked for the luxury development adjoined the Pegasus Golf and Sports Club.

Last year, almost 6 hectares at Pegasus, including parts of the golf course, was put up for sale by its mortgagee. The land is owned by Auckland businessman Xiangming (Sam) Huo’s company Sports and Education Corporation Ltd. Huo, also the sole director of Pegasus Golf Ltd, bought it in 2018 and hoped to build a master-planned resort with hotels, a spa, swimming and hot pools, a country club, golf school and apartments.

In July 2023 he signed a joint venture agreement with Yellow River Global Capital Ltd, a Hong Kong company interested in putting $90m into the project.

But the investment did not happen.

In late 2024, citing a change of circumstances, he put the entire property, including the golf course, on the market but it did not sell.