Tycoon pays $11m for penthouse but complains about NZ taxes

By Anne Gibson 

Deck view pic of Sentinal apartment in Takapuna, Auckland.

Deck view pic of Sentinal apartment in Takapuna, Auckland.

An Indian businessman has paid a record price for an apartment, parting with $11 million for a new Auckland penthouse.

But high taxes mean he may spend little time there.

Mike Panjwani – who has business interestsin New Zealand, India, Singapore, Europe and Dubai – has bought levels 29 and 30 of the Sentinel apartment block in Takapuna.

Mr Panjwani has bought the apartment unconditionally, but will not be moving in until early next year because the property is a shell.

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