Property investor and developer Simon Herbert said he bought an Auckland property for $3.9 million and sold it four years later for $62.8m.
Herbert, who with wife Paula this year set two national residential house sale records, said his Orewa West Investments bought a farm, subdivided it and onsold it for the 1400 per cent profit.
![](https://www.nzherald.co.nz/resizer/v2/MGV74CLNBVSBXZ76OTHGKZD5GQ.jpg?auth=3a379311f1b6a4d5a861e259e77c569aee11a602a9e8fc4b2a04343720e8720d&width=16&height=14&quality=70&smart=true)
"We have owned [the farm] in Orewa West Investments Ltd since 2014 and I believe we paid around $3.9m for it.
"It was all farmland and I obtained consents for a 575-lot subdivision in 2017 which took the value to $62.8m. Overseas Investment Office approval was required for the sale to AVJ which was granted in September," Herbert said.