Billionaire buying up more of the Wairarapa

Wine industry mogul and American billionaire Bill Foley has added Chateau Wellington, a 430sq m boutique country house near Palliser Bay, to his property collection.

Mr Foley paid $1.85 million for the house, which is beside the luxurious Wharekauhau Estate lodge he already owns.

The Overseas Investment Office announced on Friday that his purchase had been approved, saying it would benefit New Zealand because it added value to other investments.

Mr Foley plans to use the house as his home and when he is away, as additional luxury accommodation for Wharekauhau Lodge guests.

Chateau Wellington is a luxurious three-bedroom Edwardian-style home with wide views of Palliser Bay and an outdoor swimming pool.

Mr Foley, who is worth more than $1.5 billion, is a major player in the NZ wine industry and has been buying vineyards in Wairarapa and Marlborough since 2009.

His holding company, Foley Family Wines, controls brands including Te Kairanga, Vavasour, Dashwood, Redwood Pass, Boatshed Bay, Goldwater and Clifford Bay.

He is chairman of mortgage giant Fidelity National Financial, a Fortune 500 company, and has invested more than $200 million in vineyards in NZ and the US.

He has said he is interested in buying more property, particularly in Queenstown and the Bay of Islands.