Sam Morgan makes $28m property investment
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Trade Me founder Sam Morgan has waded into the South Island property market, purchasing a 2665 hectare country station from Infinity Investment Group for just over $28 million.
Hillend Station, which is located near Wanaka includes a 41 lot farm park development and 31 lifestyle block titles. The sale price is considerably below the $33 million price tag the property got at its most recent valuation.
Infinity Investment Group general manager Marc Bretherton acknowledged that the company had had to keep its expectations "realistic" in the current economic climate.
The purchase was made through Sam Morgan's investment vehicle JIT Hillend Investment Ltd.
Mr Morgan's other business interests include Jasmine Investments, a company set up to provide cash for smaller technology companies, and a a shareholding and non-executive directorship at accounting software company Xero.com.
- © Fairfax NZ News
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