Billionaire Kerry Stokes grabs 12km of South Australian coast on 'undervalued' Fleurieu Peninsula
HOW Kerry Stokes developed a love affair with the South Australian countryside after spending millions of dollars on valuable land.
KERRY Stokes has developed a deep love affair with the South Australian countryside after spending millions of dollars creating one of the state's most magnificent coastal land holdings.
The billionaire businessman, 73, owns swathes of valuable terrain including more than 5000ha on the Fleurieu Peninsula and extensive property on Kangaroo Island.
While Mr Stokes, who is worth an estimated $2.47 billion, has built his empire around media and mining, his vast rural property portfolio has been amassed over the past decade.
READ ALSO: Stokes in talks to buy SA coastal land
The Advertiser this week disclosed how the media mogul was in secret negotiations to buy a "spectacular" piece of State Government land at Tunkalilla Beach, on the south coast.
The Seven Network chairman described the area as "amazing".
"It is a magnificent part of Australia and I am a genuine believer in South Australia and its natural environment," he said in a statement to this newspaper.
The Tunkalilla negotiations, which have provoked a "secrecy" row, have involved his company, WEPL Investments.
But colleagues dismissed fears over the sale process. One said: "He is a long-term holder of land in SA. He invests in his properties."
If Mr Stokes succeeds in his bid to own the 31.14ha property, bought by the Coast Protection Board in 1987, it will mean he will own almost 12km of the stunning Fleurieu coast.
His biggest investment came in 2007 when he bought Balquhidder Station, a sprawling 3000ha cattle property at Parawa, 30km west of Victor Harbor, for more than $20 million.
Balquhidder, described as an "exceptional piece of land", has up to 9km of magnificent rugged coastline along the peninsula and adjoins the Deep Creek Conservation Park.
It was initially a sheep grazing station, with more than 15,000 animals, but under Mr Stokes' ownership it has since become a cattle breeding ranch.
In 2009, he snapped up the neighbouring Mt Scrub, a grazing property, for about $5 million on the Fleurieu - a region he believes is "undervalued".
The 660ha property, understood to be owned by the Lush family since 1895, features heritage-protected native bushland, several meandering creeks and extensive Southern Ocean views.
Locals describe Mt Scrub as an environmental wonderland, which includes more than 40ha of native flora and fauna as well as 2km of breathtaking coastal views overlooking Waitpinga Beach.
It also features the meandering Bollapurruda Creek and offers spectacular views over Parsons Beach, The Pages Islands and Kangaroo Island.
Mr Stokes is believed to own 1600ha of cattle land on the island including the Long Hill station and Clifton Downs, a 550-hectare grazing property.
He is now controls more than 4000 head of cattle in South Australia.
Most of the land has been bought through a private company, Australian Capital Equity, and adds to his significant Australian property interests.
Mr Stokes has an incredible rags-to-riches story and today he is Australia's 12th richest person, according to this year's BRW Rich List.
He is one of only 18 business people to feature on every list since 1984, when his personal wealth was estimated at $30 million.
Mr Stokes, who splits his time between Sydney and adoptive home state of Western Australia, started as a TV antennae installer in Perth and first made his first fortune in property.
He now controls two-thirds of the Seven Group, of which he is executive chairman. It controls one-third of Seven West Media, which includes the company's media assets including Channel 7, The West Australian newspaper, Pacific Magazines and Yahoo!7.
He also own WesTrac, which has the rights to sell Caterpillar mining equipment, has a controlling stake in ASX-listed miner Iron Ore Holdings and owns almost five per cent of Ten Network Holdings.