Graeme Hart buys $24m Queenstown getaway

Thursday, 23 March 2017

The Lady of the Lake, TSS Earnslaw on Lake Wakatipu, Queenstown passes by the Closeburn property.

Kiwi billionaire Graeme Hart has reportedly purchased a holiday home at Closeburn, Queenstown for about $24 million.

A well placed source said there were two bidders for the property and Hart's successful bid had ensured it remained in New Zealand hands.

'It doesn't seem to matter how much some of these wealthy people spend on a property. I guess if you're a billionaire it doesn't really matter.'

The sumptuous six-bedroom property is at an enclave at Closeburn half way between Glenorchy and Queenstown.

* Graeme Hart superyacht for sale for $266m

* NZ's richest man Graeme Hart puts US car part maker in bankruptcy**

Estimates put Hart's wealth at $13.5 billion. He wings into Queenstown on his own jet.

The property was built in late 2015 for Denis Mackenzie, the founder of Australian technology company CSG.

It features tree-lined walkways, gardens with sculptures and a spa.

The developer of the Closeburn subdivision David Broomfield, approaching 80 years of age, said it was an exceptional story of the success of high country tenure review.

The review was carried out in the late 1990s and involved the Crown selling part of the former pastoral lease station which Broomfield then developed.

Each buyer purchased one 27th share of the property which is maintained as a working farm.

'The success of it is they've maintained the original conception with a farm manager on the property. They've done a great job with wilding pine control and replanting.

'It took 18 years from conception to get the land and consents and develop it. It's a gem.

'There are 11 nationalities there and you sit and hear them talking and you know it's where a lot of business is done.

'It's nice to be able to sit back and see something like that. You have to give the management and owners credit for that.

'Luxury Real Estate has sold a lot of them. That was certainly a big sale to Hart but there were other sales recently too. When you get pieces of land selling for $3m to $4m…it's quite unique.

'There's some big stuff going on down here,' Broomfield said.

However, Lincoln University academic Ann Brower claimed the tenure review process which set the scene for Closeburn had deprived the New Zealand taxpayer.

She said Closeburn was the classic example of how a Crown property with multi-million views had been privatised for the benefit of developers and wealthy buyers.