Irelands Angus Ivydell property asking price above recent sales

Failed Angus breeder Corey Ireland appears to have placed a large price tag on his 170-hectare farm at Kyeamba when the recent sale of a neighbouring property and local market knowledge are taken into account.

Angus breeder Corey Ireland at Ivydell, Kyeamba, during a bull sale some years ago. Mr Ireland has voluntarily listed the property for sale.

BELEAGUERED Angus breeder Corey Ireland is trying to sell his 170-hectare Kyeamba farm at two to three times higher than prices of recent local property sales.

A source told The Weekly Times Mr Ireland had a $5 million price tag on the Ivydell property — or about $29,000 a hectare ($12,000 an acre).

The source said the neighbouring Kyeamba Downs property sold about six months ago at less than $10,000 a hectare ($4000 an acre).

At $10,000 a hectare, Ivydell would be worth $1.7 million.

Local farmers believe it was only worth about $2.2 million to $2.4 million at most.

Selling agent Geoff Palmer, of Ray White Rural, would not disclose Ivydell’s sale price to The Weekly Times.

Westpac Bank has a mortgage over Ivydell, although the property was not offered as a mortgagee sale.

Mr Ireland voluntarily listed the property for sale.

The source said if the property was not sold, Westpac would take it over.

According to a creditors report by liquidators RSM Australia, Westpac was owed $3.5 million by Mr Ireland and his wife Prue.

It now seems unlikely funds gained from the sale of Ivydell would be enough to pay out the bank.

Last month’s auction of 38 bulls undertaken by receivers appointed by the Supreme Court at the instigation of Westpac grossed just more than $200,000.

There are about 490 cattle left on the property but there are a number of parties with claims over them and the bulls just sold.

The proceeds of the bull sale will be held in a trust account by the receivers until the Supreme Court rules on ownership of the cattle.

One party said legal and management costs were likely to chew up a large proportion of any payout to potential claimants to the cattle.

The Irelands were unlikely to end up with any funds from the sale of the property or cattle.

They are believed to still owe the family of the late cricketer Phil Hughes $850,000 as a partial settlement of a debt.

Two other parties hold caveats over Mr Ireland’s share of Ivydell: Rabobank subsidiary De Lage Landen and Peter August, owner of Holstons Pastoral Company in Gippsland.

Mr August confirmed he still had a caveat over Ivydell.

“But we don’t expect to get anything out of it,” he said.

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