Ownership of 38ha at Walter Peak near Queenstown has gone full circle.
It was acquired in 2006 after it was subdivided from adjacent 27,000ha Walter Peak Station by one of New Zealand’s most notorious bankrupts, Rod Neilsen, now believed to live in the US.
One of his companies paid $10 million for the land and he had grandiose plans to develop tourist accommodation and sell subdivided sections for up to $3.5 million each.
Now, the property has been re-acquired by the investors who sold it to Mr Neilsen.
Morris Kahn, Shmuel Meitar, Benjamin Kahn and David Kahn from Israel have re-purchased the property for an undisclosed sum.
The Overseas Investment Office says the they will complete an extensive indigenous planting programme, as well as other infrastructure improvements, required under the resource consent to develop the land.
They also intend to integrate the land back into its Walter Peak Station farming operation – the land currently has no productive use.