Cattle baron Sterling Buntine has sold his cattle station Inverness in Blackall, Queensland, for $14 million under a plan to divest part of his extensive pastoral portfolio.
The Australian Financial Review reports Mr Buntine managed the pastoral herd of collapsed Great Southern, which went into receivership in May owing $800 million. Great Southern has had to sell its cattle assets, leaving Mr Buntine to fill the void left by the company on several of his properties.
He has chosen to sell some of the properties, including the 599,400 ha station Tobermorey in the Northern Territory, which was recently passed in on an auctioneer's bid of $11 million, and the 197,000 ha Linda Downs pastoral holding in far west Queensland, which was passed in at auction last month for $5 million.
Last Friday, Mr Buntine brought three properties covering 70,000 hectares of prime grazing country in Blackall to auction. The 13,100ha Allambie and the 36,900ha Malvern Hills were both passed in at auction.
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