Lord Palumbo setting up artist retreat on Waiheke
Lord Palumbo will pay $7.3 million for 26ha
James Rudolph Baron Palumbo of Southwark (aka Lord Palumbo) is buying 26.9954 hectares of land at 609A and 609B Orapiu Rd, Waiheke Island.
He is paying $7.3 million to Casterton Trust and the Collow Family Trust.
Lord Palumbo has told the Overseas Investment Office he plans to develop an artists retreat for musicians.
He also promises to restore and enhance indigenous vegetation.
The OIO gave consent, citing job creation, investment, and an offer to sell the seabed/foreshore to the Crown.
His father Peter, the previous Lord Palumbo, was in the news in the UK in 2010 over a family feud when the children accused him of lavish spending of the family fortune.
More recently James gave his first speech in the House of Lords as a new Liberal Democrat peer.
He is the founder of the Ministry of Sound nightclub in the UK.
Chris Hutching
Fri, 29 Jan 2016
Fri, 29 Jan 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Lord Palumbo setting up artist retreat on Waiheke
55097