With a range of successful businesses, the offspring of the late Peter Spencer continue to fly quietly under the radar.
Peter, the son of paper empire creator Berridge Spencer, died in 2008. He had a long and prominent career in the agriculture and meat industries, along with interests in subjects as varied as communications and clothing. His landholdings were often vast, the biggest of which was the 4856ha Erewhon Station near Taihape, which he bought in 1992 for $6 million. He was also involved in car assembly through Motor Holdings, financial services (Equitable Group), clothing (Alliance Textiles), machinery and vehicle imports (Caspex) and communications (Cellular Vision NZ).
His sons Chris, Howard and Michael have kept up his interests. Michael’s business interests are arguably the most in line with his father’s, with his Zakara Investments firm owning nearly half of Kawau Island in the Hauraki Gulf.
Howard has been the managing director of Hyundai Motors New Zealand since 2007. Along with his Hyundai role he is also involved in the Pinnacle Programme, an organisation that helps gifted teenagers develop their skills and leadership abilities.
Many of the family’s assets are held in trusts. The trio’s last major appearance in New Zealand media was back in 2015, when its Rimanui Farms group bought the 14,000ha Lochinver Station near Taupo for a reported $70 million. Its purchase came after the property was originally destined for Chinese investors.
Rimanui owns several other farms throughout New Zealand, including Erewhon, Springvale and Pinny family farms.
2018: $200 million