PHOTO: STUFF A company owned by German multi-millionaire Karl Reipen has been awarded $750,000 by the High Court over a failed property deal.
A German multi-millionaire has been awarded $750,000 after a deal involving the sale of a luxury rural property turned sour.
Karl Reipen, who made his millions selling canned ice-coffee, is one of two directors of the Awakino Fortune Limited which filed a statement of claim in the High Court after an attempt to sell a property it owned on Fraser Smith Rd, on the west coast of southern Waikato, for $8.5 million fell through in 2018.
Reipen had previously sold a neighbouring 1100 hectare property in 2010 for more than $6m.
However, the June 2 High Court decision of Associate Judge Smith, outlined how the deal done between Awakino Fortune Ltd and Rising (New Zealand) International Investment Development Co Ltd, which has China-based shareholdings, went south following a breach of contract.
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