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Last Updated: Tuesday, 4 April 2006, 11:39 GMT 12:39 UK
NZ man to donate website windfall
Screen grab of trademe website
The website was bought by a newspaper group in March
A New Zealand man who made $NZ47m ($29m; 17m) from the sale of a website has said he will give it to charity as he does not know what to do with it.

Economist Gareth Morgan made the money from the sale of his stake in his son Sam's auction website, TradeMe.

Mr Morgan said he and his wife Joanne did not really need the money.

"I haven't worked for money for ages, I work because I enjoy it," he told New Zealand television. "If you're working for money you will never be satisfied."

'Too old'

Mr Morgan said such a large sum of money came with a huge responsibility.

"You either invest in new ventures - and that was the sort of stuff I did when I was younger - but I'm sort of too old for that hassle now, so it's time to do more charity stuff," he was quoted as saying by the Associated Press news agency.

It was not immediately clear which charity the money would go to.

Mr Morgan and his wife travelled from Italy to China by motorbike last year to raise money for the UN children's agency, Unicef.

The six-year-old online auction and classifieds company was sold for $NZ700m in March. Mr Morgan and his wife owned a 6.7% stake.


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