Gina Rinehart offloads properties spanning almost 4 million hectares

Gina Rhinehart has sold three more properties after Hancock Agriculture put six stations and a feedlot on the market early last year.

Hancock Agriculture and S Kidman and Co have entered into contracts to sell Innamincka Station and Macumba Station in South Australia as well as the 20,000-head feedlot Phoenix Farm in the Northern Territory to Crown Point Pastoral.

The two stations made up some of the land Ms Rinehart bought from S Kidman and Co in a joint venture in 2016.

Ms Rhinehart originally offered almost two million hectares of cattle country for sale in early 2021.

Innamincka (1,360,000 ha) and Macumba stations (1,106,300 ha) were not initially included in the sale, but Elders executive general manager of real estate Tom Russo said in a statement “significant interest from multiple parties” saw them go to Crown Point Pastoral, a joint-venture between the Oldfield and Costello families.

The sale would occur once approval from the relevant pastoral land regulator in South Australia was received, Mr Russo said in a statement. 

In total, 3,787,519 hectares would change hands — roughly the area of Bhutan. 

“Significant investment was also made to improve the productivity and condition of the stations, including developing and expanding water infrastructure,” Mr Russo said.

Ruby Plains and Sturt Creek stations (796,134 ha) in Western Australia were also bought by Crown Point Pastoral, while Nerrima Station (203,142 ha) also in WA has been sold to the Emmanuel family.

It was announced in December that Aroona Station in the NT had been bought by the DiGiorgio family, who have wine and grazing businesses in south-east SA, while Willeroo Station (171,000 ha) was sold to NT-based company Brett Cattle.

The purchase prices have not been disclosed. 

Hancock Agriculture remains one of the largest beef producers in the country and has purchased another property in Queensland.

Elders said in a statement several other opportunities were being actively considered.

Ms Rinehart’s Riveren and Inverway stations remain on the market.