US couple Michael Crandall and Michele Esposito were forced to sell their exclusive Mataka Station property in February after breaching foreign buyer rules. Photo / Supplied via NZ HeraldA wealthy American couple have been forced to sell an exclusive waterfront property for a massive loss after breaching foreign buyer rules designed to protect sensitive Kiwi land. But they offloaded it in February this year for just $600,000 while under threat of prosecution for breaching the Overseas Investment Act. The land was considered "iconic" by the Overseas Investment Office (OIO) and the couple had to apply for consent under foreign ownership rules before the sale could proceed. "The Overseas Investment Office will continue to take action against investors that don't comply with their obligations under the Overseas Investment Act."

Source: Otago Daily Times May 01, 2020 23:15 UTC