Rural property market: Chatsworth House and Fairfield Estate sold

Prestige properties have continued to dominate the bumper season, with three multimillion-dollar deals in recent weeks.

All done: Chatsworth House which was listed last year at $22.5-$25 million has sold.

IT SEEMS bigger is better when it comes to the rural property market this spring.

Prestige properties have continued to dominate the bumper season, with three multimillion-dollar deals in recent weeks, despite continued dry conditions across much of southeastern Australia.

Grand Western District pastoral property Chatsworth House is understood to be among properties to have sold.

Selling agent Shane McIntyre, from CBRE, confirmed the blue-ribbon property was under offer, but did not disclose any other details.

The sprawling 2400ha-broadscale breeding and cropping enterprise was expected to fetch up to $25 million when listed in November last year.

An opulent 1860s mansion is the centrepiece of the property. It was restored by Melbourne antique dealer Jean Claud Desmet who sold the property in 2001.

Meanwhile, in Victoria’s North East, historic Fairfield Estate, once the largest vineyard in Australia, has been snapped up for an undisclosed price by John and Mary Ariano, who are understood to have business interests in the area.

Fairfield has reportedly sold for $12.5 million.

The 851ha Rutherglen property was rumoured to have sold for more than $12.5 million.

Fairfield was sold by the estate of Melba Morris-Slamen, whose great-grandfather George Francis Morris established the vineyard in 1859.

Landmark Harcourts agent Billy Jones said there was plenty of interest in the property due to its historic value, size and location. While the Arianos’ plans for the property have not been divulged, Mr Jones said he expected it would be to continue the farming aspect as well as the historic winery.

It comes as an offshore investor-backed fund has reportedly bought Kulwin Park at Wycheproof from Chinese-owned Rifa Salutary. The 4390ha cropping and grazing property is understood to have sold for almost $10 million.

It follows the sale of Rifa’s 2420ha Western District property Blackwood Station t for a reported $14 million.

Other high-profile property sales in recent months include Torrumbarry Estate in northern Victoria, which was on the market for $20 million; Mt Falcon Station in southern NSW, which had a price tag of $13-$15 million; and Talindert Homestead at Camperdown, believed to have sold for more than $8 million.