Millionaire’s property values soaring

South African-born philanthropist and music producer Robert ‘‘Mutt’’ Lange has posted another operational loss on his Queenstown high-country stations but their value has soared.

The latest accounts for Soho Property show values for the land, building and improvements of $66.7 million compared with the 2006 value of $36m.

Lange acquired sole ownership of the Crown pastoral leases of Mototapu, Mt Soho, Glencoe and Coronet Peak stations after his 2008 divorce from Canadian singer Shania Twain.

The pair purchased most of the properties in 2004 for $21.5 m.

While the book values for the properties have risen, each year the operations – including $48,473 earned from luxury lodge visitors – run at an annual loss, with the accumulated losses now at $26m.

This means the company has available tax losses of $26m that could be used if the company became profitable in future.

However, the company is currently under an Inland Revenue Department risk review and it is possible some expenditure between the 2012 and 2016 accounts may be disallowed as deductible, which may reduce the tax losses.

A statement in the accounts said there was no intention to offset the tax losses against future earnings.

Lange’s agent in Queenstown, Russell Hamilton, said he didn’t think the losses would ever be wiped out or realised.

‘‘He doesn’t see things like other businessmen or he would have brought other properties and put the losses against them,’’ Hamilton said.

‘‘We don’t look for publicity. He’s doing something of immense benefit to the New Zealand public. There’s no ulterior motive.’’

Lange is based in Switzerland and doesn’t visit Queenstown often. ‘‘He’s not here on a regular basis but he’s certainly in touch with what’s going on,’’ Hamilton said.

The accounts for Soho Property show income from sheep trading of $1m and wool of $244,353.

The Crown pastoral lease for Glencoe cost $5892 for the year ended in June 2017, while Coronet Peak cost $16,934, Mt Soho cost $7629, and Mototapu cost $16,063.

The company is incorporated in Gibraltar.