In Australia's biggest rural property transaction this year, cattleman Peter Camm is selling La Belle Downs and Welltree Station in the Northern Territory for $72.5 million to a private domestic investor with overseas backing, according to the Australian Financial Review.

The Fairfax paper is today reporting that Sydney-based Primary Holdings International is believed to be in negotiations to buy the two adjoining properties.

Neither Primary Holdings nor Mr Camm would not comment on the negotiations, but Mr Camm told AFR the 100,000-hectare La Belle, located on the coast 100km from Darwin, was an ideal stepping stone for the live cattle export market.

"La Belle is the only place in NT that can actually fatten cattle at this time of year," he said.