BlackRock-backed sandalwood giant Quintis has sold a 517ha plantation to wheat king Ron Greentree and is prepared to sell another property after telling investors in June that the market for sandalwood “continued to deteriorate”.

Quintis – previously called TFS – collapsed in January 2018 after running out of money and after a report in March 2017 by US short-seller Glaucus portrayed the company as a Ponzi scheme.