Gina Rinehart splashes out on Noosa mansion as cattle station carve up looms
Multi-billionaire Gina Rinehart has smashed records for Queensland residential prices with her purchase of a luxury beachfront property at Sunshine Beach.
Multi-billionaire Gina Rinehart is believed to be behind the $34m purchase of a beach house in Noosa, marking one of the highest prices paid for a residential property in Queensland.
The move comes as the mining magnate prepares to offload about $300m worth of outback cattle stations amid fierce bidding from local operators for the prize properties.
Although contracts are yet to settle on the Sunshine Beach property senior sources confirmed Ms Rinehart was behind the purchase of the Webb Road mansion which was developed across a 2015sq m parcel.
The vendors of the Webb Rd property, known as Webb House, are Murray and Margaret Charlton. They declined to comment late yesterday saying they were “sick of this.” According to CoreLogic they paid $4.8m in 2019 for the site which at that stage consisted of a holiday house.
It is understood Noosa agent Tom Offermann of Tom Offermann Real Estate negotiated the off market Webb Road purchase. Mr Offermann declined to comment.
The Sunshine Beach purchase overshadows some of Queensland’s biggest real estate deals including the $25m developer Tony Smith was paid for the sale of his bespoke beach house in Mermaid Beach on the Gold Coast a few years back.
It also eclipses the $17m buyers paid for former tennis star Pat Rafter’s Sunshine Beach property last year as well as the $18m paid for Brisbane’s most expensive house at Kangaroo Point.
The residential purchase comes as the nation’s richest woman moves closer to parting ways from most of her West Australian cattle portfolio.
Industry players said that carve up of the almost two million hectares Ms Rinehart’s Hancock Prospecting put up for grabs in early March.
The agriculture arm of Hancock Prospecting put 1.876 million hectares across seven properties in WA and the Northern Territory on the block.
This would account for about 20 per cent of Hancock Agriculture’s 30-property cattle portfolio, owned in partnership with S. Kidman and Co., and some stations were yet to secure buyers, sources said.
Buyers were offered the chance to purchase properties individually on a “walk-in, walkout basis” in the sales process run by Elders for the $300m portfolio.
In the NT, Mrs Rinehart offered neighbouring properties Aroona Station and Willeroo Station, with a combined carrying capacity of 33,125ha and almost 320,000ha located about 100km from the Katherine, and Riveren Station and Inverway Station, encompassing a combined 726,400ha and a carrying capacity of 61,376.
In WA, Mrs Rinehart is selling more than one million hectares of land including Nerrima Station, Phoenix Park, Ruby Plains and Stuart Creek stations.
On those stations are more than 108,000 cattle and offspring, a number of strategic feeding ports and export depots. The portfolio has the capacity to turn off up to 45,000 head of cattle a year.
Hancock Agriculture is Australia’s second-largest beef producer, behind the almost 200-year-old Australian Agricultural Company. Its portfolio includes the largest full-blood and pure bred wagyu herd in the world.
Even after the sale Hancock Agriculture will own cattle stations across Queensland, South Australia, NSW and the NT and it is still looking to grow its agricultural operations.
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