Huge island inherited by New York model from her princess mother is sold to mysterious New Zealand buyer for $ 13 million
- Olivia Cayetana Hallman, 47, sold Pepin Island in Tasman Bay in New Zealand
- The private 518-hectare island was reportedly sold for around $ 13.5 million
- German Princess Viola von Hohenzollern bought the land for $ 2.2 million in 1995
- The former New York model inherited it from her mother when she died in 2012
A former New York model has sold a South Pacific island inherited from her princess mother to a New Zealand buyer for more than $ 13 million.
Olivia Cayetana Hallman lowered the price of Pepin Island in New Zealand’s Tasman Bay from $ 16 million to $ 13.5 million on March 31.
The private 518-hectare island in the south of the country has now been purchased by an anonymous Kiwi buyer after spending three years in the market. It is understood that it was sold for close to the asking price.
Ian Keightley, New Zealand real estate agent for Sotheby’s International Realty, said two potential buyers have submitted bids for the land.
Pepin Island (pictured) was sold to an unidentified New Zealand buyer for nearly $ 13.5 million
“Covid has increased the demands, I would say a thousand percent. We got a lot of interest from expats, but people couldn’t travel so it was a challenge, ”Keightley told the NZHerald.
Ms Hallman was the only daughter of German Princess Viola von Hohenzollern, who died at the age of 68 in 2012.
Steel magnate von Hohenzollern, who bought the island for $ 2million in 1995, also left his daughter a fortune of $ 1.9million through her business ventures in Scotland when she died sudden.
The entrepreneur had business interests in 16 countries – and a penchant for unique properties – having also owned a 14th century castle in South Ayrshire, southwest of Glasgow, the Herald Scotland reports.
She sold Killochan Castle to a Saudi businessman for $ 2.2 million just months before her death.
The 518 Hour Island (pictured) was purchased by German Princess Viola von Hohenzollern in 1995, who bequeathed it to her only daughter Olivia Hallman upon her death in 2012
Pepin Island, which is connected to the mainland by a natural causeway, is currently a sheep station which offers private accommodation.
There are three small vacation homes scattered around and the property and a seven bedroom farmhouse, which is occupied by farm manager Andrew Newton.
Mr Keightley said the buyer intended to continue farming, tourist accommodation and maintain public access.
The land has not been owned by a New Zealander for over two decades, having been held in the aristocratic family for 26 years.
Ms Hallman retired from international modeling about eight years ago to focus on her riding career.
The former high street model, who is listed as the sole shareholder of Pepin Island Sheep Station and Resort, is believed to still be residing in the United States.
The island is home to a sheep station and tourist accommodation. In the photo: an outdoor bath in one of the holiday homes