HENDO'S HOLE IS SOLD

I haven't written much in recent times on Sideshow Bob's 'urban visionary' because I felt I was basically writing the same story everytime.

As Hendo's 'empire' crumbles to dust, most stories these days involve receivers chasing Hendo, Hendo in court and Hendo denying all responsibility.

But it is worthy of mention that Allied Farmers last week confirmed the sale of the 23 ha Five Mile property near Queenstown, otherwise known as Hendo's Hole.

Hendo,you will recall, wanted to build an up-market self--contained village on the site and convinced those financial wizards at Hanover Finance to lend him $70 million.

His old mate Rodney Hide showed up to turn over the first dirt on the development site (see photo). I doubt that Hide is too keen to talk about that now.

The thousands of Hanover Finance investors who got screwed over by owners Eric Watson and Mark Hotchin will not be overly impressed that Allied Farmers sold Hendo's Hole for a mere $23 million. Allied are insisting it was a good price in the circumstances.

Investors in Hanover were given shares in Allied Farmers - which are now worth a pitiful four cents each.