One of New Zealand's richest men has big plans for a $9.2 million dairy farm south of Rotorua.
Investment banker Sir Michael Fay, who was eighth on the country's rich list released last week, has bought Reporoa's biggest dairy farm for more than $9 million.
Taupo mayor Rick Cooper said the purchasewas great news for the Rotorua and Taupo areas.
"Our district is going to hum over the next few years," Mr Cooper said.
"It is wonderful for our district for someone like him to buy a farm of this magnitude."
Mr Cooper said the farm was the biggest dairy farm in the Reporoa area.
He said Sir Michael had spoken to him about modernising the farm and having at least four sharemilkers on the property.
"He has also told me how much he loves the Taupo district and that he has big plans for it," he said.
"We welcome him here. These are exciting times."
The property also includes a three-bedroom villa and more than 130 paddocks.
Mr Cooper said several rich-listers were investing in Taupo and surrounding areas.
"They have vision and enterprise and can create employment with new ventures."
Sir Michael said that after years of being tied to his day job, he and business partner David Richwhite were finally able to enjoy the fruits of their labour.
"We are like a couple of grown-up kids who are finally able to have the time to do what we want," he said from his home at Great Mercury Island.
"I have been living back in New Zealand for some time and got rid of the shackles of being attached to my desk job all day. I looked at the rural sector and decided to significantly increase my investment."
Meanwhile, last week it was announced that Southpark Corporation, which owns Rotorua's award-winning Treetops Lodge and of which John Sax is the sole director, had bought New Zealand's only Jack Nicklaus-designed golf course.
Southpark Corporation bought Taupo's Kinloch Golf Course with plans to build a world-class lodge and conference venue which would create more than 30 jobs.
Mr Cooper said the ventures were great for locals and tourists.
"The surrounding towns will thrive because of it." - additional reporting: APN News and Media
