Coastal station back in NZ ownership

One of Wairarapa's most well-known coastal stations has been sold and is to revert back to New Zealand ownership.

Glenburn Station, about 55km south of Castlepoint, was sold by tender this week.

Hamish MacDonald, of Bayleys Real Estate, Auckland, confirmed that the 5899ha station had been sold but would not give the price.

He said there were a "few issues" still to be worked through and that the price paid for the station would become public knowledge.

Mr MacDonald confirmed that Glenburn would return to New Zealand ownership, having been owned by Americans since 1998.

The station was sold seven years ago to a Boston-based investment company, GMO Renewable Resources, for a reputed $4.6 million.

After buying Glenburn, the American company split the station into three separate businesses.

The steepest country was put under the management of PF Olsen for forestry development, a block of scrub and native trees was designated a recreation block, and the pastoral land was eventually leased to Taratahi Agricultural Training Farm.

Taratahi took out a 10-year lease in 2000 and have used the property extensively for the training of farming students.

On the property are five houses, including an owner's house with a tennis court, and many farm buildings.

- WAIRARAPA TIMES-AGE