Matauri Bay tribal land debt paid

A $6 million debt that almost cost 430 Maori shareholders their Far North tribal land at Matauri Bay has been paid.

Court appointed Matauri X Incorporation interim administrator Kevin Gillespie says the debt of a little over $6 million owed by Matauri X has been settled with lenders Bridgecorp and Instant Funding.

A new lender has agreed to lend money to repay the debt and to fund development costs of about $8 million associated with the recently approved construction of a residential subdivision on Matauri X land, Mr Gillespie said.

He would not name the new lender but said it was a private financial institution, not a bank.

The proposed leasehold subdivision involves 139 sections in a 14ha residential development about 500m back from the beachfront towards the southern end of Matauri Bay.