Corey and Prue Ireland sell Kyeamba farm to local buyer

Cattle breeders Corey and Prue Ireland have sold their 171-hectare farm near Wagga Wagga. Find out who the new owner is and how much was paid for the property.

Ivydell, the 171-hectare Kyeamba property owned by Angus breeders Corey and Prue Ireland, has been sold. Picture: Ray White

THE 171-hectare Kyeamba property owned by Angus breeders Corey and Prue Ireland has been sold for about $4.2 million.

A number of sources told The Weekly Times the property, known as Ivydell, was bought by sheep and cattle producer Ian Reid, of Galore, about 50km northwest of Wagga Wagga.

Mr Reid recently sold his 1375ha property on the Murrumbidgee River.

The Weekly Times has been unable to contact Mr Reid.

Ray White Real Estate agent Geoff Palmer sold the Kyeamba property on November 30.

A spokeswoman for Ray White Real Estate has not returned The Weekly Times’ call.

Sheep and cattle producer Ian Reid, of Galore, has purchased Ivydell, which has been sold for about $. 2 million. Picture: Ray White

Documents showed Westpac Banking Corporation held a mortgage over the Ireland property, while Melbourne cattle investor Peter August and Rabobank subsidiary De Lage Landen held caveats over the sale of the property.

Both Mr August and DLL have ongoing court cases running against Mr Ireland.

Ireland family trust company CD & PJ Ireland Pty Ltd was placed in liquidation on November 14 last year, with debts of about $13.3 million.

According to a creditors report by liquidators Andrew Bowcher and Tim Gumbleton, of RSM Australia Partners, Westpac was owed about $3.5 million in the collapse, mostly from a loan to buy 1654 stud and commercial cows.

Westpac took legal action last December to take control of the Irelands Angus cattle in a bid to claw back some of what it was owed, but a number of parties have also emerged claiming ownership of some of the cows.

The last of the cattle were sold two weeks ago for $1.75 million, and with two previous bull sales, about $2.15 million was raised to pay creditors.

The liquidators report showed Mr August, who owned Holstons Pastoral Company in East Gippsland, was owed $1.47 million but Ms Ireland claimed in a later report to the liquidators Mr August owed the Ireland company $3 million.

Mr August’s dispute with the Irelands showed up in three fraud charges laid against Mr Ireland by the NSW Police Rural Crime Unit in April.

Mr Ireland is facing 13 fraud charges in the Wagga Wagga Local Court.

DLL’s court case continued in the Federal Circuit Court in Sydney last week and was adjourned to February 15.

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THREE CREDITORS LAY CLAIM ON IVYDELL PROPERTY

IRELANDS' SYDNEY PAD SOLD

CREDITORS LINE UP TO PUT CLAIM ON IRELAND CATTLE