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Kenyon Clarke, once promoted as one of New Zealand’s boldest property developers, is again in the headlines. The founder of Du Val Group a company that once claimed a book value of around NZ $750 million is now battling legal problems, investor anger and scrutiny from regulators.
A Remarkable Rise
Clarke’s journey began far from boardrooms. In a 2022 BusinessDesk profile, he recalled arriving in New Zealand as a teenager with a yellow mohawk, purple contact lenses and no clear plan.
At 18 he joined Ace Real Estate, which became Ray White, and within two years he was their top auction salesperson across New Zealand, Australia and Southeast Asia.
His first investment, a leaky Hamilton house funded with $20,000 borrowed from his father, set him on a property path that would later see him build a $102 million portfolio by age 26.
In 2013, after recovering from a collapse during the Global Financial Crisis, Clarke and his wife Charlotte founded Du Val Group. Focused on large-scale residential developments in South Auckland, Du Val expanded internationally with offices in Singapore, London and Hong Kong. Clarke often described his approach as long-term, telling BusinessDesk:
“It’s always been a long-term game for me, not about what I can make on a flip.”
Building a Public Image and a Charity Arm
Beyond business, the couple launched the Du Val Foundation, a charity that partners with seven schools in South Auckland to support families in need.
They also introduced the Solid Ground initiative, offering free counselling sessions to construction workers – over 160 sessions have already been held, with feedback that lives have been saved.
At the same time, Clarke cultivated a bold public image. Promotional clips showed him with a Ferrari, private jet and luxury yacht, part of a reality TV project he says was meant to inspire young entrepreneurs.
“New Zealand has a tall poppy syndrome… I wanted to show what’s possible,” he explained to Stuff.
Cracks Begin to Show
Behind the glamour, serious financial questions emerged. A PwC receivers’ report released in September 2024 described Du Val’s governance as “poor”.
Investigators noted unaudited accounts, missing board minutes and a $15 million intellectual property transaction with the Clarke family trust that was later reduced to $5.5 million with no clear records. PwC’s John Fisk told RNZ the company was “a plate of spaghetti… hopelessly insolvent.”
The report also stated Du Val had faced cash flow problems since early 2023, with significant unpaid obligations and a negative net asset position. One project, Lakewood Plaza, was singled out in online commentary as
“a leaking mess with plummeting apartment values and a $16 million debt hole.”
Investor Frustration and Legal Moves
A group of mortgage fund investors, each of whom put in at least $250,000, have now joined forces to pursue liquidation action. Auckland barrister Jeremy Johnson told Stuff:
“They are deeply concerned about the current situation with Du Val and whether their investments might be at risk.”
Critics have also questioned whether, during Clarke’s earlier bankruptcy, Charlotte Clarke or her family acted as a proxy to run parts of Du Val and provide seed capital, raising questions under the Insolvency Act.
Clarke’s Response
In April 2024, Clarke and Charlotte gave a rare interview to Stuff, rejecting claims that the business was failing. “We are fine,” Clarke said.
“We’ve completed 100 homes that are due for settlement in the next couple of weeks… we’re building just under 500 homes in Auckland and I’m proud about that.”
Clarke added that 81.35% of mortgage fund investors, by value, accepted an offer to convert their investments into shares in Du Val Property Group, saying the company was moving away from wholesale fund management toward a more sustainable model.
A Heavy Debt Load
The scale of Du Val’s problems became clearer in October 2024 when RNZ’s The Detail reported that the group owed an estimated $250 million. Subcontractors, small investors and home buyers were left waiting. “This has shaken the faith,” RNZ property editor Maria Slade said on the podcast.
“There are tradespeople and small investors wondering if they’ll ever see their money again.”
New Trouble in 2025
As if financial troubles were not enough, Clarke faced new headlines in May 2025 when he was charged with wilful damage after allegedly throwing a car dealer’s phone into his swimming pool during a dispute outside his Remuera home. He is due to appear in Auckland District Court later this year.
What Lies Ahead
For now, Du Val remains under statutory management. Employees, the tax department and secured creditors will be first in line to recover funds.
Only after those claims are settled will investors see what remains. PwC continues to investigate related-party transactions and whether any offences occurred.
Despite the storm, Clarke remains defiant:
“My job is to build houses, protect investors’ capital and build shareholder value,” he told Stuff.
Whether his billion-dollar dreams can survive the legal and financial headwinds is something investors, regulators and the public will be watching closely.
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