Privately owned island sells for more than $7m

Slipper Island is a 15-minute boat trip from Tairua or Pauanui.

One of New Zealand's few privately owned islands is in the process of being sold for more than $7 million.

Slipper Island, located about 4km off the east coast of the Coromandel, had been owned by the Needhams -- a farming family originally from South Auckland -- for 45 years.

But Brian Brakenridge of Sotheby's Realty at Cooks Beach confirmed today that a contract for 217ha of the 224ha island had been signed, but he could not comment on any details as it was still not unconditional.

"The asking price was in the high seven millions and we've got a contract, and that's all I can say."

He said the final confirmation was "only a couple of weeks away" however, as the conditions were "pretty standard due diligence".

It is believed the buyer is Auckland-based property developer Wendy Weimei Wu, who made headlines in 2010 when she bought Remuera's historic Fairholm mansion for $15 million -- New Zealand's biggest private home sale that year.

The Slipper Island property comes with its own airstrip and six houses, including four holiday bungalow-style guest chalets and two residences.

The Thames-Coromandel District Council had listed it as having a rating valuation of $5.5 million.

The remaining 7ha of the island had been subdivided into smaller lots and already sold privately.