A local trust has more than $500,000 to distribute to the community in coming months.

Red Bridge River Park Trust trustees Jeromy Van Riel and Pip Connell told members of the community that the trust was winding down at a meeting last week.

Jeromy said the trust’s money, obtained through the sale of its assets, had to be dispersed to a registered charitable trust or trusts.

“Our intention is to wind the trust down and leave the money to another charitable trust,” Jeromy said. “The money can go to any charitable trust.”

No decision was made at the meeting as to how the money will be dispersed and a second meeting will be held to explore the options available.

The Red Bridge River Park Trust originally hoped to transform a 0.4ha site on the banks of the Clutha River into a focal point for environmental and river conservation education.

The Red Bridge River Park Trust has sold its property near Luggate. IMAGE: Google Maps

In 2015 the trust purchased the land, located near the Luggate Red Bridge, from Contact Energy for $300,000. An amount of $150,000 was paid at the time of the sale with the balance due within five years.

Founding trustee Lewis Verduyn-Cassels died in 2019, leaving his vision unrealised and the balance of the payment outstanding and, concerned that the land would be lost if the trust could not make the final payment, Jeromy and Pip loaned the trust the money required, mortgaging their family home in the process.

The trust faced a series of challenges when accusations of improper management resulted in a Department of Internal Affairs investigation which Jeromy said cleared the trustees of any wrongdoing. Matters were further complicated when it was determined that Lewis did not have a legal will.

Trustees made the difficult decision to sell the land and begin the process of winding down the trust earlier this year.

It secured a price of $860,000 in March and after clearing the loan, sale fees and taxes, Jeromy said he expects a substantial surplus for distribution to the community.

Trustees said they would like to disperse the funds to groups which support environmental sustainability and water protection, in keeping with Lewis Verduyn-Cassels’ vision. 

Members of the Luggate Community Association attended the meeting, which took place last Thursday (May 26), as well as members of the public and a representative from Lewis Verduyn-Cassels’ family.   

The date for a follow-up meeting has not yet been set.