A consortium led by Sir Michael Fay has failed in its bid to buy 16 farms formerly run by the Crafar family.
Sir Michael announced last week that the group including central North Island dairy farmers and local Maori interests had tabled an offer of $171.5 million for the properties.
Receiver Brendon Gibson from KordaMentha says earlier this year he accepted a far better offer from Chinese company Pengxin International Group, conditional on approval by the Overseas Investment Office.
Mr Gibson says the offer led by Sir Michael was conditional, a collaboration of several purchasers, and was at a price that continues to be unacceptable.
He says the contract with Pengxin remains KordaMentha's primary focus and there are no other offers on the table at present.
KordaMentha has been in touch with Sir Michael and says he is still interested in the properties.