Investor sells land worth over $40m
Tuesday Oct 21, 2014 AnneGibson
Accidental property investor just wanted land for his lawn business.
Alan Wallace is an accidental property investor, signing a deal due to settle next year to sell a 16ha East Tamaki site for more than $40 million after paying $630,000 for the real estate 21 years ago.
He and wife Dianne never dreamed they would get so much.
“Most people selling up get all excited. I didn’t buy it to make money. I bought it for my turf business,” said Alan Wallace, a keen cyclist and photographer who turned 70 in August.