With an estimated net worth of $US1.3 billion, 72-year-old Los Angeles fund manager Ric Kayne has been bestowed “rangatira” status by Northland’s Te Uri o Hau hapu in recognition of their close working relationship – and his significant investment in the Mangawhai area.
Kayne’s pride and joy is the world class Tara Iti Golf Club 100 kilometres north of Auckland, which has jaw-dropping ocean views from every hole. Once part of a low-grade commercial pine forest in the Te Arai North Precinct, the 91ha golf course occupies part of a 230ha block of land Kayne bought from its Maori owners in 2012 for $10 million.
With a rateable value of $13.74m, but reportedly built for “tens of millions of dollars,” the golf club is surrounded by 46 residential lots of up to 2.8ha which have been sold for up to $4m – many to what Kayne says are ‘like-minded’ friends and business associates.
Resembling something of an apocalypse bolthole for wealthy Americans, the Te Arai development has been overseen by Queenstown resort development specialist John Darby who shares with Kayne in the ownership of prime ocean, mountain and lake property throughout the country. The duo also jointly own and control the boutique real estate brokerage Legacy Partners, which markets Tara Iti and claims to have “transacted hundreds of millions” of total property sales including farms, vineyards, and trophy land holdings.
Having graduated with a statistics degree from Stanford University followed by an MBA from UCLA, Kayne began his career as a broker’s analyst before branching out on his own to co-found the Los Angeles investment firm of Kayne Anderson Capital Advisors, which manages assets worth $US26b.
Along with his wife Suzanne, the father of three daughters is a keen philanthropist and, through the Kayne Foundation, supports a range of causes including education reform and the Jewish community. Their Santa Monica residence backs on to the Riviera Country Club and they travel the world by private jet and a 63 metre luxury yacht named SuRi.
Granted New Zealand residency in 2015 under the Investor Plus category, Kayne says he and his wife “fell in love with this country at first sight, and that commitment only grows deeper with time.”
In addition to investments in the Queenstown Lakes District, Kayne is building a new permanent home in New Zealand and is planning further developments, including a second golf course, in the Te Arai South Precinct where he has acquired an interest in a 461ha forestry block.
However, future investment could be put on hold if the Ardern government proceeds with amendments to the Overseas Investment Amendment Bill. In a personal submission, Kayne says new residency conditions will restrict potential buyers for premium properties and create an unacceptable level of risk and reduced economic return.
Proud of what has been created at Te Arai and proud to represent New Zealand whenever he is overseas, Kayne says he hopes that the amendments can “provide some discretion and flexibility for persons like me – who have a home in New Zealand in which they spend significant time – to be able to continue to own and invest in assets in this country, which contribute to its development and growth.”