Sheik Hamdan bin Hamdan Al Nahyan selling
A BILLIONAIRE sheik from the United Arab Emirates has listed a huge chunk of Territory land for sale south of Alice Springs.
Covering a total land area of 462,800 hectares over a single pastoral lease, it is only the second time since 1952 that Idracowra Station has been offered on the market.
JLL has been appointed to sell the Central Australian cattle operation currently owned by sheik Hamdan bin Hamdan Al Nahyan.
The sheik, who is a member of one of the six ruling families of the UAE, has a reported net worth of about $20 billion.
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He bought the property in 2007 from the Murphy family.
He is often referred to as the ‘Rainbow sheik’ because he reportedly owns a collection of luxury Mercedes-Benz cars in various colours.
The reserve auction price is at $7 million however this is expected to jump to a much higher sale price
The property is offered on a walk-in-walk-out basis and it includes plants and livestock with approximately 3,000 head of cattle.
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JLL director of agribusiness Geoff Warriner said it was a rare block of land up for sale.
“The Finke River, which traverses the northern portion of the property for 90 kilometres, provides various semi-permanent and permanent waterholes,” Mr Warriner said.
“Areas which flank the Finke River are fertile and provide exceptional pasture during favourable seasonal conditions.”
“This substantial landholding is situated within the heart of Central Australia and has been progressively developed to represent an efficient, low-cost pastoral enterprise supplying livestock to primarily southern (domestic) markets.”
An opportunity for development on the land has also been suggested by Mr Warriner.
“Notwithstanding the current level of development, large portions of the landholding towards the southern and eastern boundary remains undeveloped,” he said.
JLL recently sold NT cattle operation Suplejack Station for $21 million at auction.