Gina Rinehart snaps up Western District farm

Australia’s richest person has purchased a 510ha property in Victoria’s west, but there has been some speculation about its intended use. See the details.

Mixed farming property Chrome Park, at Branxholme, has been purchased by a subsidiary of Gina Rinehart’s Hancock Prospecting.

The buyer of a 500ha mixed farming property in Victoria’s Western District has been confirmed, but the owner’s identity has triggered some speculation about its intended use.

Australia’s richest person with a $30bn fortune, Gina Rinehart, via a subsidiary of her Hancock Prospecting, has purchased the Tonissen family’s 511ha Branxholme property in a recently settled transaction.

Valley River Holdings Pty Ltd, a wholly-owned subsidiary of Hancock Prospecting, has bought Chrome Park, reportedly paying more than $8.6 million for the property located about 20km west of Hamilton.

The deal has ended the Tonissen family’s six-decade ownership of the property, which had been used for stud and commercial livestock, crop and fodder production as well as raising award-winning Australian stock horses.

Chrome Park was owned by the Tonissen family for about 60 years, prior to the sale.

Jason Tonissen and wife Kylie had run the property in recent seasons alongside Jason’s parents Ilford and Jean – who bought the former Closer Settlement block as their first home.

Speculation about the purchase suggested the property may have been acquired for the purpose of onshore gas production, or for carbon credits via forestry plantations.

Hancock Prospecting chair Gina Rinehart.

At this stage, The Weekly Times understands Hancock Prospecting intends to use the Chrome Park property for some form of agriculture or forestry.

Hancock Agriculture declined to comment on the purchase.

Gina Rinehart’s agricultural portfolio has dramatically changed shape in recent years including the sale of 10 iconic S.Kidman and Co stations.

As part of the restructure, Rinehart’s Hancock Agriculture has purchased the 10,029ha Moolan Downs Station in Queensland’s Western Downs and the 8371ha Ottley Station in northern NSW from Packhorse Pastoral for about $80 million.

Last year an off-market deal was also struck for a 1980ha northern NSW dairy, which was to be converted to Wagyu production, complemented by other backgrounding properties within the Hancock Agriculture portfolio.

Via the Perth-based Valley River Holdings, Rinehart was also reported to have paid more than $20 million for 2000ha of mixed farmland in WA’s South West region.