American billionaire Bill Foley's Foley Family Wines is buying Martinborough's loss-making Te Kairanga Wines, which has hosted several Toast Martinborough events. Wellington investment company Rangatira is selling its 34 per cent stake in Te Kairanga Wines. No price was disclosed. Foley Wines also owns Wharekauhau Lodge, also in the Wairarapa. Rangatira said Te Kairanga had entered a conditional agreement to sell its assets to Foley Family Wines New Zealand.