close
MENU
1 mins to read

Awaroa crowdfunding approaching $1m

Nick Smith warns against overenthusiasm driving up the price.

Chris Hutching
Mon, 01 Feb 2016

The crowdfunding to raise $2 million for a beach at the top of the South Island has reached more than $700,000 worth of pledges after a week.

The registered owner is Wellington businessman Michael Spackman, but he could not be contacted to offer his response.

He bought the beach in 2008 for $1.9 million, according to land records.

In addition to the thousands of members of the public who have given pledges, corporates like Kathmandu and Spark ($20,000) have also contributed to the campaign, hosted by Give A Little.

This has prompted Environment Minister Nick Smith to consider government funding, although he warned there was a risk that enthusiasm might drive up the price.

Crowdfunding campaign organiser Duane Major estimates he needs around $2 million to make a competitive bid.

Chris Hutching
Mon, 01 Feb 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Awaroa crowdfunding approaching $1m
55125
false