NEW YORK -- Independent auto maker John Z. DeLorean, who received $160 million from the British Parliament to build a sportscar plant in Belfast, Northern Ireland, has paid $3.5 million for a 430-acre estate in New Jersey, it was disclosed Friday.
It is believed to be the most expensive residential real estate deal ever in that state.
The purchase was expected to add to the controversy surrounding DeLorean's loan, which critics in England contended was overly generous and out of line with Prime Minister Margaret Thatcher's intention to minimize public investment in private enterprise.
Production of DeLorean's dream machine, a stainless steel and plastic sportscar, has already begun, and it is expected to go on sale in the United States next month.
When he left his executive post with General Motors in 1973, the flamboyant entrepreneur intended to sell the car, known as DMC 12, for about $10,000. With financing and production delays, the car is expected to sell for about $25,000.
It has attracted unusual attention in Detroit -- it is the first new car to be introduced in six years -- and DeLorean has lined up more than 300 dealers who paid $25,000 each for a part of the car company, DeLorean Motor Co.
The 40-year-old estate he purchased is located in Bedminster, N.J., and had been owned by the John Cowperthwaite family. It is one of the largest land holdings in the area and includes a 25-room, three-story brick Georgian colonial mansion with pillared veranda, solarium and oval domed library with a secret door to an adjoining cocktail bar.
A long, winding driveway leads to the home's main entrance and it has a quadrangle offset by a brick barn, guest cottages and a cattle barn.
Jack Turpin Real Estate Inc., in Far Hills, N.J., finalized the sale March 18 in conjunction with Sotheby Park Bernet International Realty Corp.
DeLorean's wife is better known as Cristina Ferrare, one of the world's highest paid models.
Carol Ann Marshall, a spokeswoman for Sotheby's real estate subsidiary, said the $3.5 million purchase price was the highest ever paid for an estate in the Somerset Hills area and is believed to be the highest ever in the state.
