Protesters have begun an occupation of the historic landmark Young Nick's Head station in Gisborne
The controversial $3.2 million sale of the East Coast headland, by its overseas-based New Zealand owner, to New York American financier John Griffin, was put on hold late last month while talks with iwi took place.
The sale needed approval from the Overseas Investment Commission (OIC).
But because of the site's sensitivity, the application was referred for a decision to Finance Minister Michael Cullen and his associate minister Paul Swain.
The Government wanted a six-week extension to the offer, saying it was not going to be rushed into a decision.
Ngai Tamanuhiri say the headland is spiritually significant to them and it is also very important to Europeans. It was the first part of New Zealand seen by Captain James Cook.
The Government was also likely to impose conditions on the sale covering conservation, access and the establishment of a joint trust with Ngai Tamanuhiri.
Former New Zealand First MP Tu Wyllie last month warned the land would be occupied if necessary to stop the sale going ahead.
Te Kuri a Paoa (Young Nick's Head) was the mountain of his people, he said.
Mr Griffin's lawyer, John Egan, said his client wanted to improve and conserve the property as a farm but Ngai Tamanuhiri insisted that as soon as he bought the 661ha station, he should sell about 200ha of it to the iwi as "the price of their blessing".
