4.25pm
The controversial sale of a famous New Zealand landmark to a wealthy American financier has been put on hold for six weeks while talks with iwi take place.
The $3.2 million sale of Young Nick's Head station in Gisborne by its overseas-based New Zealand owner to New York financier John Griffin
was to close tomorrow, pending 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.
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 wanted a six-week extension to the offer, saying it was not going to be rushed into a decision.
Today Dr Cullen said the seller, believed to be a woman who had lived in Australia for the past 25 years, and Mr Griffin had agreed to the extension to allow negotiations with iwi.
The Government was also likely to impose conditions on the sale covering conservation, access and the establishment of a joint trust with Ngai Tamanuhiri.
Dr Cullen was optimistic the talks would succeed as Mr Griffin had already indicated a willingness to sort out the issues. In addition to the $3.2 million price-tag, Mr Griffin also planned spending $1 million upgrading it and building a home.
Local Maori had tried to buy the land when it went on the market 15 months ago but reportedly could not afford it.
Former New Zealand First MP Tu Wyllie yesterday 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 Mr Griffin 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".
Dr Cullen said today the iwi had been closely consulted on the sale process. The OIC spoke to them when it received the formal sale application on April 2 and invited them to send a submission, which they did on April 16.
Information received by the OIC also indicated Mr Griffin had been discussing the purchase with iwi since February.
- NZPA
Young Nick's Head sale on hold for six weeks
4.25pm
The controversial sale of a famous New Zealand landmark to a wealthy American financier has been put on hold for six weeks while talks with iwi take place.
The $3.2 million sale of Young Nick's Head station in Gisborne by its overseas-based New Zealand owner to New York financier John Griffin
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