The Jota deal represents a net spend of about £30m, with defender Ki-Jana Hoever, 18, going the other way for £9m and a possible £4.5m in add-ons.
The Premier League champions have also negotiated a 15% sell-on clause in the transfer that takes young Dutch defender Hoever to Molineux.
Jota can play across the forward line and would provide further cover – in addition to Takumi Minamino and Divock Origi – for Liverpool’s vaunted front three of Sadio Mane, Roberto Firmino and Mohamed Salah.
The former Atletico Madrid player joined Wolves on loan in their 2017-18 Championship-winning campaign before making a £12.8m permanent switch in 2018.
Jota has made 131 appearances for the Molineux side, scoring 44 goals, including hat-tricks in last season’s Europa League victories against Besiktas and Espanyol.
A letter, dated May 18, was sent to Ballina Shire Council from Brendan Menegazzo announcing the formal withdrawal of the development application by Ringtank Pty Ltd.
Facilities planned for the site were stated to be for private use only, and not for commercial use.
The four packages of land were purchased by the late Angela and Peter Menegazzo between April and September in 2005.
A Ringtank Pty Ltd spokeswoman told The Northern Star, the family have had strong ties to the Ballina Shire.
“The Menegazzo family has a long association with the region and is a proud supporter of the local surf lifesaving club and other community groups in the area,” she said.
Slated for the site was three houses, a 10-site caravan park, equine facilities including stables, veterinary facility, quarantine stalls, horse float and equipment shelters and two equestrian exercise lawns, private outdoor recreation facilities including go-kart track, shooting range, associated buildings, roadworks, earthworks including dam and landscaping.
In early 2017, town planner Rod Willis said the council had never navigated such a complex, private development application – due to its “non-commercial elements” such as 10 caravan park sites.
On December 23, 2016, $124,130.98 was paid in council fees and levies to process the DA.
Among the 280 documents attached to proposal were more than 50 letters of concern regarding the project.
Some of those concerns related to increased noise from the helicopter, motorsport and shooting activities.
Joseph Goodwin who had lived on Empire Vale Rd in South Ballina for more than 43 years, claimed his house was 900m from the proposed helipad.
Mr Goodwin said the helicopter activity coupled with the other recreational facilities, such as the proposed go-kart track, don’t fit the South Ballina lifestyle.
“These activities are not welcome in a quiet rural setting,” Mr Goodwin said.
Another resident said the activities were “inconsistent and incompatible with a rural agricultural area”.
Residents also raised concerns about the impact of increased traffic on rural roads, the closure of a beach access road, and the possible overflow effect from a 18 megalitre dam.