US billionaire buys NZ jewel estate

An American billionaire has bought an exclusive Wairarapa country estate and farming business.

The Overseas Investment Office cleared the sale of Wharekauhau to William P Foley II, his business partner and its New Zealand managers, the Dominion Post reported.

Mr Foley is one of the top-paid executives in the United States and chairs insurance company Fidelity National Financial and already has extensive investments in New Zealand.

The lodge and the 2023-hectare working farm are worth more than $24 million, though the sale price was not disclosed.

It has often ranked among the world's top 20 resorts and has been frequented by movie stars such as Jack Black, Tom Cruise, Nicole Kidman, and Meg Ryan.

The other buyers are South African-born Nico De Lange, his American wife Kristy - both are now New Zealand citizens - and American Thomas Hagerty, a director of several of Mr Foley's companies.

- NZPA