KEY POINTS:
A billionaire Korean businessman who paid $11.5 million for one of Auckland's most prized houses may soon demolish and replace it with six townhouses.
One of Jae Ho Huh's Daeju group of companies has bought the high-profile house formerly owned by business couple Diane and Bill Foreman on
Takapuna's chic Clifton Rd.
Auckland-based staff working for Mr Huh and his wife Jilsoon (Christie) Hwang of Seoul are now scouting for other properties in the Takapuna area.
Lawyer Marcus Beveridge, who acts for Mr Huh, said the future of the Clifton Rd house was undecided.
The Koreans would either spend many millions doing it up or demolish the 1000sq m home and surrounding structures to build six townhouses.
Upmarket units could be built on the site as of right, he said, and destruction of the two-level house, artist's residence, tennis courts and swimming pool was quite on the cards.
In 2003, the Foremans put their house on the market for $10 million via Kellands Real Estate.
The property did not sell for years until an Auckland businessman paid $10 million, but he lived there for only a short time.
Mrs Foreman said she had sold the house to the businessman and was unaware the Koreans had subsequently bought it.
The Foremans developed a substantial palisade wall to prevent their waterfront cliff section from eroding.
Last September, Mrs Foreman was linked to the then-National Party leader Don Brash, after allegations they had had an affair, although both refused to discuss the matter.
Mr Beveridge said that a few months ago, the Koreans had seen the house and offered $11.5 million. Mr Huh was a keen fisherman and would be back in Auckland next month.
"He's happiest in his little white singlet out on the Hauraki Gulf catching snapper," Mr Beveridge said.
Mr Huh is known as Chairman Huh to his associates because of the number of companies he chairs.
His Daeju Housing Co last year applied for resource consent to build the 67-level $450 million Elliott Tower, only slightly shorter than the SkyTower, for the corner of Elliott, Albert and Victoria Sts.
Mr Beveridge said he expected the tower to get consent in the next few weeks but several objectors opposed it, including Kiwi Income Property Trust, which owns the nearby twin-tower National Bank Centre.
Mr Huh has diverse financial interests spanning the ship-building, property and media sectors.
The businessman, 67, had invested in China for 30 years and owned cement and forestry companies and three Korean golf courses, Mr Beveridge said.
His companies had developed more than 10,000 apartments in Korea and employed 40,000 people.
Prime site
9 Clifton Rd, Takapuna:
* 1000sq m house.
* Plantation-style interior.
* Surrounded by pohutukawa.
* Astroturf tennis court.
* Internal elevator.
* 20-line phone system.
