The wealthy owners of the 203,900-hectare Vermelha Station in the Northern Territory have put the vast cattle property on the market, with hopes of tripling what they paid for it eight years ago.

Businessman Pham Nhat Vu paid $18 million for Vermelha Station in 2016, when he bought it from veteran Queensland farmer and philanthropist Lyn Brazil and his wife, Bobbie. The deal included 10,000 head of cattle.