Sir Michael Fay puts Wairarapa station on market

One of New Zealand's richest men Sir Michael Fay has put his Wairarapa farm on the market - but he won't say why.

The 4273 hectare Lagoon Hill Station is being marketed through an international tender, but chances of an overseas buyer snapping it up may be slim following the Government's restrictions on foreign ownership of farm land.

Any sale of more than five hectares of New Zealand land to a foreign buyer has to undergo scrutiny by the Overseas Investment Office before it can be approved.

Fay, a former merchant banker whose wealth is estimated at about $1 billion, owns other properties including Great Mercury Island off the Coromandel coast.

The Wairarapa station comprises a sheep and beef farm, plantation forest and a private hunting block. It is being marketed for sale either as one or separately.

Lagoon Hill Station is part of the much larger Te Awaiti property originally farmed by Daniel Riddiford in the 19th century.

Bayley's country manager Duncan Ross said foreign owners might be interested in the forestry part of the farm.

"The Government has opened the door a little bit for foreign owners of forestry, and for quite a few expat Kiwis living offshore it might be an opportunity for them given they won't have to compete so much with foreign bidders."

Ross would not say how much the property might be worth.