Multi-millionaire Auckland investor John Sax yesterday revealed he had swooped on the troubled Kinloch golf course west of Taupo, where he will develop a new tourist lodge and a luxury housing estate.
Sax, who two years ago picked up Orewa's partially developed $500 million Kensington Park from Patrick Fontein's Kensington Properties, said the golf course presented big opportunities.
That follows years of trouble after Hanover loaned $24 million on Kinloch and then Allied Farmers, which bought the Hanover and United loan books, ran into difficulties recovering money from many assets.
Sax, executive director of Southpark Corporation, said he bought the land and golf course from the Van Den Brink poultry farming family who loaned money on it ahead of Hanover.
Sax said the downturn offered good buying but the deal was subject to confidentiality arrangements.