Collapsed financier Bridgecorp was behind Momi Bay. The financier was developing it when it failed in July 2007 owing $459 million to its investors.
Lucas said Vunabaka was totally different.
"We've put a lot of effort into removing risk: the previous owners spent seven years in preliminarily assessments and market feasibility studies but didn't go ahead for personal reasons. We will succeed. It started off as a hobby. It's not a development we're doing to feed the family but to create something we're proud of. The project itself was through break-even in stage one - the total cost of developing stage one are covered by the pre-sales," Lucas said.
Anthony Marcotti who lives near San Diego was the American investor who Lucas said had joined him along with the former co-owner of Roundhill ski field near Tekapo, Christian Burtscher, the ex-chief executive of non-profit SurfAid and WHK founder Keith Gosling.
A statement from the developers issued this week revealed sales to high-profile people.
"Among the Kiwis to have already purchased are Henry van Asch, a pioneer in bungy jumping who now runs a South Island vineyard, Howard Bretherton, former joint managing director of Michael Hill International and Will Rouse, the managing director and CEO of Simcro," it said.
Lucas said properties had so far have sold through word of mouth to people in New Zealand, Australia, USA, South Africa and Central America.
See the original Vanubaka press release here:
