The Overseas Investment Office (OIO) granted consent to Gibbston Valley Station (GVS) to buy 433.039ha of freehold valley land, plus 0.7993ha of freehold land near State Highway 6, on September 25.
GVS is a wholly owned subsidiary of High Definition Development LLC, formerly Gibbston Valley Lodge NZ LLC, which has one shareholder, businessman Phillip Griffith, of Las Vegas.
Mr Griffith and family were approved for New Zealand residency in October.
The owner of the 433ha block was Glenroy Station Ltd, owned by Raeleen and James Hunter, of Queenstown, who also owned the lot by the highway.
The sale went through in early October, with the price believed to be $15 million.
In its decision, the OIO said it was satisfied Mr Griffith had the business experience and financial commitment for the resort project.
GVS managing director and New Zealand partner Greg Hunt said the company was 100% equity funded and was in "a very good position".
"We can approach this development, subject to getting consent, in an appropriate manner in getting the planning and marketing ready for next year for our launch, and we're not confined by third-party financial institutions."
OIO said, in its decision, the proposal met the demand for recreational facilities and accommodation in the Queenstown Lakes district and complemented the existing operations of Gibbston Valley Wines Ltd (GVWL).
The decision said the proposed overseas investment would likely benefit NZ in ways including job creation and retention, export receipts and walking access.
Mr Griffith owned the majority of shares in GVWL, which in turn owns about 60ha of land near the 434ha bought and operates a vineyard, cheese shop and restaurant.
GVS lodged a land use and subdivision resource consent application with Lakes Environmental last June for a resort based around viticulture, golf, outdoor activities, archaeological and ecological protection, plus residential and visitor accommodation.
The proposed complex involved 39 residential accommodation units, 30 golf course homes, 22 "executive homes", a spa, a service and maintenance area, an equestrian facility, extensive walking trails and a golf course.
A proposed vintners village would include a cellar door, a farmers' market, a café, artisan workshops, the golf clubhouse and an information centre.
About 19.5ha would be developed as a vineyard.
The application was publicly notified on July 9.
The submission period was extended to August 13.
There were 21 supporting submissions and three opposed.
Opposers said the resort would spoil a relatively untouched stretch of the Kawarau River and more geotechnical investigations were needed.
Lakes Environmental received more information from GVS yesterday and was processing the application, writing an assessment and would send a report to submitters before the hearing.
