Hollywood mogul James Cameron continues to buy up land in Wairarapa by the hectare.
The Overseas Investment Office has today revealed a decision to allow Cameron to purchase another 420 hectares of land at Western Lake Road, South Wairarapa.
The land was purchased from Peveral Industries Limited and Macland Farms Limited, a 100 per cent New Zealand owned company.
The farm was one of two offered for sale as a 696ha package by Peveral Industries as a going concern.
The operation across both properties milked nearly 2000 cows across the lower North Island and produced 728,000kg milksolids last year, NZX Agri reported.
The business operated across Kaiwaiwai Dairies Ltd near Featherston and MacLand Farms Ltd, the property Cameron bought, on the South Wairarapa coast.
As well as buildings, stock, equipment and infrastructure, the two-farm package came with 728,204 Fonterra shares - worth $5.3 million at today's prices.
It is not known whether Cameron acquired any Fonterra shares as part of his purchase.
The Featherston farm was not sold in the Cameron deal.
The Terminator, Titanic and Avatar director now owns more than 1500 hectares of land in the area.
The decision showed Cameron's application complied with New Zealand law governing foreigners buying land here.
"James F. Cameron and his family intend to reside indefinitely in New Zealand. They are acquiring the land as part of a larger acquisition of land in South Wairarapa which they will use as a residence and working farm.''
In May the office gave clearance for Cameron's T Base 2 Ltd to buy the Pinnacle Grove walnut orchard and another property from New Zealanders Adrianus and Alexandrine van der Tol and 10.1ha from New Zealanders Ian and Maria Telfar via their company, Imae.
On the orchard deal, the sheet told how Cameron intended the existing nut farming venture would expand onto his other holdings.
"The applicant intends to continue to operate the land as a walnut orchard and utilise the vendors' knowledge and expertise to establish walnut trees on Pounui Station,'' the office said.
Last February, Cameron bought two Western Lake Rd properties, a 250ha working dairy farm and a 817ha hillside block overlooking Lake Pounui.
He bought a further 10.11ha of land on the same road last March, and three blocks of land totalling 26.8ha in last May.
According to the Overseas Investment Act 2005, purchasers of sensitive land must meet criteria including business experience relative to their investment, financial commitment to the investment, and be of good character.