The Overseas Investment Office has approved the purchase of the exclusive Matakauri Lodge, near Queenstown, by American billionaire Julian Robertson.
The OIO has approved a 100% purchase of the property, located on 3.5971ha at Farrycroft Row, about 6km out of Queenstown on Queenstown-Glenorchy Rd.
In its decision, dated July 9, the OIO listed the consideration as "confidential", but media reports suggested the sale was worth $12 million.
"The applicant intends to acquire Matakauri Lodge, temporarily shut it down and refurbish it. The applicant will then operate it as a going concern."
Matakauri Lodge features suites and villas overlooking Lake Wakatipu and Cecil Peak for up to $7832 a night in peak season.
The office said the transaction had satisfied the criteria of the Overseas Investment Act 2005, relating to the "benefit to New Zealand" by creation/retention of jobs; increased export receipts; additional investment for development purposes; consequential benefits; key person in a key industry; and previous investments.
Last year Forbes magazine estimated Mr Robertson's worth at $US1.3 billion ($NZ1.89 billion).
