More than 6ha at Auckland Racing Club's Ellerslie venue will be sold off for residential development.
The land alone is estimated to be worth $80-$100 million.
Herald racing editor Michael Guerin can today reveal more details about the development, and the impact on racing at the prestigious horse-racing venue.
Auckland Racing Club chief executive Paul Wilcox says the soon-to-be formed Auckland Thoroughbred Racing (ATR) will work with consultants through the consent process, but no deal has been done to buy the land.
The Herald believes it will be listed for sale soon.
The impending sale of the hill and the end of jumps-racing at Ellerslie has angered some, but barely 10 races are run over the hill per season and the sale would be a financial boon for ATR.
Auckland Racing Club chief executive Paul Wilcox. (Photo / Trish Dunell)
Wilcox says ATR will consult with the jumps-racing community about where the Great Northern Steeplechase and Great Northern Hurdles, Auckland's two most famous jumping races and hosted at Ellerslie in September, will be held in the future.
All racing will pause at Ellerslie in March for the laying of new StrathAyr turf, but Wilcox expects it will be reopened by October 2023.
"So the racing committee of the new ATR have some conversations to have ... over where we hold our major meetings while the StrathAyr goes in."
Avondale, which is slated to stay open until at least 2025, could be crucial as will Pukekohe which, as the other track directly under ATR's control, would be the favourite to hold the glamorous Karaka Million meeting in 2023.
The Avondale Jockey Club's long-term base in West Auckland also has potential to be sold or redeveloped.