American millionaire John Griffin has permission to buy Young Nick's Head Station but as part of the deal will give historic parts of the east coast headland to the Government.
Local iwi Ngai Tamanuhiri had objected to Mr Griffin's proposed purchase of the 600ha station, saying the land was spiritually significantto Maori and also important to Pakeha. It was the first piece of New Zealand seen by Captain James Cook.
The two sides have been working on a compromise this week and today Finance Minister Michael Cullen announced he had approved the sale but with Young Nick's Head, the cliffs, a pa site and the peak to go into public ownership.
"The key historic, iconic and culturally significant sites on Young Nick's Head will remain in New Zealand hands in perpetuity," Dr Cullen said in a statement.
Mr Griffin had also agreed to establish a covenant through the Queen Elizabeth 2 Trust to protect the remainder of the headland area from commercial development.
