PHOTO: SUPPLIED Some of Lagoon Hill Station will be kept for farming and the balance will be planted in trees.
One of New Zealand’s richest men, Sir Michael Fay, has obtained Overseas Investment Office approval to sell his Lagoon Hill Station near Martinborough in the Wairarapa.
Fay made his fortune in the 1980s and 1990s during privatisation of state enterprises Tranz Rail, Telecom and Bank of New Zealand. His wealth is estimated to be close to $1 billion.
The Lagoon Hill deal was set up by rural property manager Craigmore Sustainables for Swiss company Kauri Forestry LP, which has also bought a Northland farm owned by a member of the wealthy Spencer family.
READ MORE VIA STUFF