Veteran fund manager Allan Fife has become only the third owner in more than 180 years of Dowan Hill, a 1184-hectare grazing and cropping property on the Murrumbidgee River near Yass.

Records show a company directed by Mr Fife and his son, Ben, paid $11 million for Dowan Hill, more than double what the property last traded for when it was bought for $5 million in 2015 by Dr Raymond Burn, a Yass GP, and his wife, Ann.