Canterbury multi-millionaire 'spud king' Pye to cash up $80m farm

Friday, 2 March 2018

The 'spud king' of South Canterbury, Alan Pye, is cashing up one of his farms in Tasmania and hopes to get about $80 million for it.

'I'm getting hard up…still scratching a living,' said Pye whose wealth is estimated at more than $350m.

'I'm getting to be an old man. I'm running out of steam. I used to go to Tasmania every few weeks I'm not so keen now.

'And my ex-son in law and my son Leighton and I are doing up the old Hydro Grand Hotel site in Timaru and that will take a bit of money.

* Southern rich listers learn about their wealth**

'My other son Mark has a massive operation in Australia and he'd like me to put some more money. I own 55 per cent of it.'

Pye said dairying had a good future in New Zealand and Australia where the same company - Fonterra - processed milk. But the domestic market in Australia catered for 24 million people, he said.

'I've got plenty going on at Highfield near Waimate where I'm living now and still lots of dairy interests.'

The 22,000 hectare Tasmanian property called Rushy Lagoon Rushy Lagoon has 4000 milking cows, 1000ha of irrigation, cropping land, beef and sheep.

Pye bought it for $8.2m at auction in November 1996.

Pye and family own Zarella Fresh, a big South Australian supplier of vegetables.

Two years ago they sold Coonawarra Fresh Produce in Australia, which was estimated to have a value of $13m.

Although Pye's holdings are believed to be worth about $350m, the combined value of the family assets is more than $1 billion.

His son Leighton and wife Michelle are well known in Temuka farming circles, and Mark is a major industry player in South Australia.

CBRE agribusiness agents expect strong interest from local and international buyers for Rushy Lagoon.