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15 Aug 2018 4:26
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  •   Home > News > Politics

    One of Britain's richest men has dropped plans to redevelop a Waiheke Island retreat and will quit New Zealand

    One of Britain's richest men has dropped plans to redevelop a Waiheke Island retreat and will quit New Zealand

    Lord James Palumbo won Overseas Investment Office consent in 2015 to transform an eight million dollar waterfront farm on Waiheke into a major music artists' retreat.

    He promised to do the place up and enhance native vegetation.

    Palumbo also said he would create jobs.

    The Weekend Herald understands that this was Palumbo's genuine intention at the time.

    Three years later and he's sold the property on - without fully implementing all the Overseas Investment Office conditions.

    Palumbo's New Zealand lawyer Graeme Todd told the paper his client disposed of the property when his personal circumstances changed.

    He won't say what those personal circumstances are.

    © 2018 Newstalk ZB, NZCity

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