Oil industry billionaire, sheikh Hamad bid Hamdan Al Nahyah, has sold Northern Territory’s Idracowra cattle station to a neighbouring pastoral family for $10.1 million.
The 462,800 hectare property had a reserve price of $7 million.
The United Arab Emirates-based vendor was represented by Geoff Warriner and Chris Holgar – both of JLL’s Brisbane office – who undertook inspections via helicopter (pictured, top).
Idracowra is about 10 kilometre east of Erindula and 120 kilometres south of Alice Springs.
“Notwithstanding the current level of development, large portions of the landholding toward the southern and eastern boundary remains undeveloped,” Mr Holgar said upon launching the public sale campaign in 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 a neighbouring holding, Umbearra Station.
Idracowra was offered on a walk-in-walk-out basis, with all plant, equipment and livestock (about 3000 head).
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 of the property crosses the Finke River for 90 kilometres.
Sheikh Hamad bin Hamdan Al Nahyah is from one of the UAE’s six ruling families.
A car and monster truck enthusiast reported to have one of the five best garages in the world – with a vintage Ford model GT and Rolls Royce driven by Queen Elizabeth – the businessman’s net worth is estimated at about $A30 billion.
Four years ago, the sheikh sold a 592-hectare rural property south west of Brisbane to an earth moving company for more than $4 million.