South Seas
pp. 45-46 · Read in the full issue
Did His
Bubble Burst?
Prom a Suva correspondent
Despite his optimistic public
utterances right up to the last minute, the South Seas bubble seems to have burst for affable real estate man, Bob Hunter.
News of his departure from Fiji, where he has been one of the biggest and certainly the most publicised land-buyers of all, was a shock to most who’ve known him during his two years of operations here, includ ing the Fiji Government.
There has always been talk about supposed financial difficulties and people suspected that Hunter was rapidly over-extending himself. But he talked cheerfully of “infusion r>f new capital” and doubts were lulled.
Then suddenly he and his attractive Fiji-born wife, Annette, were gone.
One of his business associates. Mr.
J. L. P. “Pat” Macassey, has replaced Bob Hunter as managing director of South Sea Lands Ltd, which has its headquarters in the Development Bank buildine, Suva.
Latest reports are that Mr. Hunter is still selling land, this time in the
Bob Hunter.
States. He is reported to be in charge of sales in North America for South Sea Lands.
Mr Macassey told PIM in Febru ary that none of the options for land in Fiji has lapsed. This included the option for Laucala Island, which was reportedly “bought” from Morris Hedstrom Ltd last year for $1.2 mil lion. In fact, it is still only an option.
Mr. Macassey said he should have news of future plans for Wakaya Is land—Bob Hunter’s first big Fiji ac quisition—in March.
“Shareholders in Wakaya Ltd are meeting at Denver on February 26”, he said. “I will know more after that”.
Mr. Hunter was relieved of his posi tion as managing director of Wakaya Ltd. (the company formed to develop the island) at a meeting of share holders in Seattle in mid-December.
Pat Macassey has been appointed interim manager.
Before leaving Fiji, Mr. Hunter, who is reported to be in Seattle, re signed from the post of managing director of Air Pacific.
Since there has been no public an nouncement of his intention to do any thing else, the supposition is that the youthful real estate man will not be returning to Fiji.
There is also the matter of the Her vey Islands acquisition in the Cooks.
This has nothing to do with the South Sea Lands, but is a private arrange ment between Bob Hunter and the owners. Apparently Bob Hunter had an option to purchase under certain conditions.
South Sea Lands is intending to go ahead in the near future with the de velopment of Matana, a 1,300-acre property on Koro. The company has been appointed by Wailolo Ltd, owners of the property, to supervise the development.
Plans include a tourist resort, with privately-owned holiday homes, plus an airstrip.
During a recent visit to Suva, one of the shareholders in Wakaya Ltd, Mrs Louise Harper, spoke of plans for the development of Wakaya.
There had been a hold-up, she said, because the company was look ing for finance.
“This has been difficult to find, in some ways because of the economic depression that has affected America in recent months,” said Mrs. Harper, “We are optimistic, though. None of us want to sell the island.”
Two studies have been done relat ing to development of Wakaya. One was prepared by American architect Mr. Sam Sloan, the other by the firm of Harris, Kerr Foster.