PHOTO: SUPPLIED – Mahana Estates was recently placed into receivership and is at the centre of a legal dispute between its investors.
An American businessman’s love affair with New Zealand turned into a nightmare after his million-dollar investment in a winery was deemed worthless, a court has heard.
James Murren, along with fellow US investor Daniel Lee, is suing Mahana Estates owner Glenn Schaeffer to recover the money they invested in the business.
Murren, the Nevada-based CEO of MGM Resorts International, invested US$1.6 million in the winery between 2002 and 2008. He gave evidence in the High Court at Nelson on Friday.
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