A new valuation of the mansion sold to former ANZ CEO David Hisco's wife has suggested that the bank sold it to her at a loss of more than $4 million.
Mr Hisco stepped down as CEO of the bank in June after concerns were raised about his personal expense reports.
A subsidiary of ANZ - Arawata Holdings - bought the St Heliers mansion in early 2011 for $7.55 million for Mr Hisco and his wife to live in.
The property was then sold to Mr Hisco's wife, Deborah Walsh, in July of 2017 for just $6.9 million.
Property valuation firm QV valued the mansion at the time it was sold to her at $10.75 million.
Now, a new valuation commissioned by KiwiSaver provider Simplicity has added credibility to that valuation, putting its value at $11 million.
The valuation was carried out by registered valuer Dave Wigmore of Property Strategists Ltd.
The valuations both suggest that ANZ sold the house to Ms Walsh for a considerable discount of about $4 million.
Simplicity CEO Sam Stubbs says that shareholders of ANZ, and Kiwisaver investors, should be asking questions.
"The house was bought and sold by the ANZ using shareholder funds, which includes the money of many KiwiSaver members," Mr Stubbs said.
"It was sold for a price well below its value at the time, as assessed by QV, and now an independent valuer.
"Given the sale was between related parties and was not disclosed as it should have been, it is very suspicious and needs to be justified to shareholders."
An ANZ spokeswoman said today the house was sold to Mr Hisco’s wife based on "independent valuations".
"We have voluntarily provided relevant information, including those independent valuations, to the FMA and RBNZ. We’ll continue engaging with the regulators on the issue."
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