By ANGELA GREGORY
An American tycoon who owns a remote New Zealand golf course has lost about $32 billion in bad stock and currency deals.
This is almost as much as the New Zealand Government spends in a year.
New York billionaire Julian Robertson, once nicknamed the Wizard of Wall St, made his fortune picking winners on the stock exchange.
But his golden touch deserted him when he invested in cheap stocks that just kept falling and made a wrong bet on the rise and fall of the yen.
Rumours are flying in New York this week that his hedge fund company Tiger Management may close after losing $US16 billion in assets in the past 18 months.
US news agencies report that investors are withdrawing their cash from Tiger.
Reuters reported that in a February letter to investors Mr Robertson said performance had suffered this year, but asked them to bear with him. He gave no indication of plans to close.
At this stage Mr Robertson's losses are not expected to affect his New Zealand labour of love - a PGA-standard, 18-hole golf course overlooking Takou Bay, about 20km north of Kerikeri, which is thought to have cost about $1 million a hole to build.
The enthusiastic golfer opened the Kauri Cliffs course at a swish function in Auckland last November attended by some of the country's richest people, followed by a low-key function at the course a few days later.
Work has since begun on building an upmarket lodge on the former sheep farm.
Mr Robertson, who has an estimated personal wealth of $2 billion, last year told the Herald the Kauri Cliffs development was an exercise in passion, not profit.
He would not say how much he had spent, adding that his mother had always warned him never to say how much anything cost.
Mr Robertson's Auckland lawyer, Mike Cormack, said yesterday that it was old news that investors had pulled money out of the fund because of some unsuccessful investments.
He said he was not aware of the rumours that the hedge fund could close.
A hedge fund is a high-risk investment that speculates against currency movements.
Mr Cormack said he had spoken to Mr Robertson hours earlier and as far as the golf course went it was business as usual.
He said golfers from all over the world had tried the course and were impressed with its high standard.
He said Mr Robertson remained pleased with the course and was due back in New Zealand within two months.
The Herald understands Mr Robertson may walk straight into a fencing dispute with some of his Maori neighbours.
A family have cut through sections of the northern boundary fence to access Maori land next to Waiaua Bay, where Mr Robertson enjoys riparian rights.
The damage to the fence has created problems for farmers leasing the property because cattle have escaped into the hills.
Mr Robertson, son of a textile executive, has described himself as a late bloomer, with less-than-stellar grades in high school and college.
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