Matarangi farms sell at bargain prices

Three farm blocks on the Coromandel Peninsula have been sold at a heavy discount to valuation as bankers try and recover loans to Matarangi properties that were once part of the Hanover empire.

The three farms on State Highway 25 were owned by subsidiaries of Matarangi Beach Estates, which went into receivership in November 2010.

Property records show the sales in March and June this year included:

 

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