After years of legal wrangling, millionaire Kiwi businessman Michael Harte has reportedly given up on efforts to buy a pristine Italian island.
In 2013, the banker paid $4.8 million at auction for Budelli Island -- an Italian national park considered to be one of the most beautiful islands in the Mediterranean.
Budelli is part of the La Maddalena island group which lies between Sardinia and Corsica and is renowned for its "pink" beach.
An unspoilt island of 1.6sq km, any construction is banned and access is permitted only accompanied by staff from the park's authority.
Mr Harte, a top executive at Barclays and formerly chief information officer of Commonwealth Bank, had wished to undertake conservation work there, calling it his "first and most important objective" soon after buying the island.