The Auckland golf resort accused of discharging raw sewage down a bank towards a waterway has now been sold.
The NZ Super Fund and parties associated with Russell Property Group have agreed to acquire a waterfront land holding in east Auckland, including Formosa Golf Course.
The land the parties have secured is about 250 hectares, over 170 hectares of which is the Formosa land.
1 NEWS was last year supplied with hidden camera footage which showed someone at the resort in the act of pumping wastewater out of tanks on site.
Auckland Council has since filed 17 charges against three people involved with the company.
The case, brought under the Resource Management Act, could result a maximum penalty of two years in prison, a $300,000 fine for indivuduals or a $600,000 fine for the company.
The acquisition of Formosa Golf Resort also follows the company last year revealing plans to rezone part of its land, halving the number of holes on its golf course.
A statement from the NZ Super Fund said Russell Property Group will now manage the land and continue to operate the Formosa Golf Club for the foreseeable future.
NZ Super Fund's head of direct investments Will Goodwin said they will look to add value to the land over time.
The NZ Super Fund is a global investment fund established by the Government to help pre-fund universal pensions.
It's returned approximately 10 per cent per annum since it began in 2003.
Mr Goodwin said, "In time we will engage with the community and Auckland Council about what kind of high-quality master plan and associated infrastructure improvement could work for the area."
Russell Property Group managing director Brett Russell said, "Whilst there have been a number of proposed development concepts over the years, no definitive plans are currently in place and any future plans would be developed in close consultation with the local community, Auckland Council and all stakeholders."
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