One of Britain's wealthiest men has bought a large Waiheke Island beachfront retreat, to use as a hideout for international recording artists.

Jamie Palumbo is a life peer and a member of the House of Lords.

He's just got Government consent for a 7.3 million dollar deal to buy a farm at Omaru Bay.

Lord Palumbo of Southwark, as he's formally known, is the founder of London's Ministry of Sound nightclub and Ministry of Sound record label - said to be the world's largest independent music company.

Last year, the Sunday Times Rich List estimated his fortune at 671 million dollars.