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The Overseas Investment Office (OIO) has entered into a settlement agreement with the owners of 185 Sandspit Road, Warkworth, and a penalty hearing is set down in the High Court for July 4.
The 80ha property, known as the chestnut farm, was bought by Hong Kong based investors in 2012 for $4.48 million, without OIO consent.
As a result, the owners were forced to sell the land last year and made a $6 million profit on the sale.
It is understood the hearing will determine issues such as penalties and tax implications.
