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Updated at 3:45 pm on 14 November 2012
The Audit Office is to investigate a decision by Dunedin City Council to invest in a residential development near Queenstown.
The council bought a stake in a joint venture at Luggate, near Wanaka, and bought property at Jacks Point in Queenstown, through a council-owned company, for $14 million.
The council now estimates the value of its investment has fallen by more than $6 million.
Auditor-General Lyn Provost says she began the inquiry after a request by Mayor Dave Cull,.
The council decisions were made in 2008 and 2009 before Mr Cull was elected.
Copyright © 2012, Radio New Zealand
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