Station at Waitiri Ltd controlled by developer Tim Edney has upped the ante claiming default interest at $4500 per day from last December after US-based New Zealander David Teece failed to resolve rights to use an airstrip near Glenorchy.
Economist Dr Teece teaches at Haas School of Business, Berkeley. In 1997, he purchased Paradise block at the foot of Lake Wakatipu, part of a larger property known as Arcadia Station. The deal allowed use of Arcadia’s airstrip should construction of an airstrip on what was described as blocks one & two of Paradise prove unfeasible. The two blocks did not prove suitable, but an aviation expert identified other parts of Paradise as potential sites for an airstrip.
Complications arose after 82 year old Jim Veint subsequently sold the balance of Arcadia to Edney’s Station at Waitiri for a reported sum of near $15 million. Lodged against title to Arcadia is a caveat in favour of Dr Teece’s family trust claiming an easement over Arcadia allowing access to its airstrip. Station at Waitiri says Mr Veint is in default by not having the caveat removed to provide clear title. Default interest is due for late settlement, it says.
The High Court was told Dr Teece’s caveat was lodged over seventeen years ago, part of negotiations over permanent access to Arcadia’s airfield. Negotiations petered out, with no resolution. Mr Veint said the caveat should be removed. Dr Teece has done nothing in the interim. He has never used Arcadia’s airfield. Any claim has lapsed by reason of delay, Mr Veint says.
Associate judge Paulsen ruled the caveat remain, but indicated Dr Teece should move promptly to prove in court his claimed right of continued access to Arcadia’s airfield.
Teece v. Veint – High Court (9.03.21)
21.047