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Christchurch City Council has paid $17 million to buy five central city properties from struggling developer Dave Henderson.
City mayor Bob Parker said the purchase was a strategic move to protect the city centre from poor development, The Press newspaper reported.
Henderson said the properties were sold for "way below our book value and in once case half our book value".
An application for the liquidation of Henderson's Property Ventures and Five Mile Holdings companies is before the High Court.
Henderson gained fame after a book was written about his battle with tax authorities. The book was later made into a movie titled "We're Here To Help".
- NZPA
