Oil industry billionaire, sheikh Hamad bid Hamdan Al Nahyah, has sold Northern Territory cattle station Idracowra to a neighbouring pastoral family for $10.1 million.
The 462,800 hectare property had a $7m reserve.
The United Arab Emirates vendor was represented by Geoff Warriner and Chris Holgar – both of JLL’s Brisbane office – who undertook inspections via helicopter (pictured, top).
Idracowra is 120 kilometres south of Alice Springs, near Erindula.
“Notwithstanding the current level of development, large portions of the landholding toward the southern and eastern boundary remains undeveloped,” Mr Holgar said last July.
“As such a tangible opportunity exists for future development resulting in expansion of the current grazing operation”.
In the end, it was acquired by Angus and Kimberley McKay, who own the neighbouring Umbearra Station.
Idracowra was offered on a walk-in-walk-out basis, with all plant, equipment and livestock.
Various landscapes, including sand hills, open grass plains, Spinifex ridges and areas of Bluebush and low edible Mulga, form part of the enormous holding.
The northern part crosses the Finke River for 90 kms.
Sheikh Hamad bin Hamdan Al Nahyah is from one of six ruling UAE families.
A car and monster truck enthusiast reported to have one of world’s five best garages – with vintage Ford model GT and Rolls Royce once driven by Queen Elizabeth – his net worth is estimated at about $A30 billion.
Four years ago, the businessman sold a 592 ha rural property south west of Brisbane to an earth moving company for more than $4m.