One of the most highly valued sheep and beef properties in New Zealand has been sold.
The 4839-hectare Mangaohane Station is just off the Taihape-Napier Highway between the Rangitikei River and the Ruahine Forest Park.
It was sold by the family of a previous owner, the late Jim Bull. Mr Bull bought Mangaohane at auction in 1973 for what was then a record price.
During the past 40 years, the property was dramatically transformed, with 1500 hectares of scrub cleared and a further 1200 hectares of tussock developed into pasture.
The station was bought by interests associated with the neighbouring Erewhon Station. The deal was brokered by Bayleys Taihape salesman Pete Stratton.
Mr Stratton said the price for the station had not been released. The 2011 government valuation was $22.2 million and most recent sales in the district had been above government valuation.
Mr Stratton said four tenders were received, all were from New Zealand entities. The station winters averaged more than 44,000 sheep and cattle stock units, placing it in the top echelon of productive primary land in New Zealand.
The confidence expressed through the four tenders underscored the long-term value being placed in sheep and beef units, Mr Stratton said.
"From my understanding, the price achieved ranks Mangaohane as the most valuable sheep and beef unit to have sold in the North Island," he said.
The price achieved for Mangaohane reflected the extensive capital invested in building the soil fertility and improving the pasture species.
The Bull family had invested in more than 100 kilometres of new fencing and a further 40km reconstructed to form 140 main paddocks across the station, with an average size of 30ha.
Mangaohane also had 132ha of forestry, comprising mainly radiata pine, all planted since 1992.
Mr Stratton said Mangaohane's new owners had indicated they would continue operating the station as a sheep and beef breeding unit, in conjunction with their existing farming operation.
Mangaohane was one of four farms owned by Jim Bull, who started growing potatoes on 14ha of leased land.
Over 20 years his potato empire became the biggest in Australasia, with a factory at Rata in Rangitikei.
In 1984 he sold the business to Wattie's to concentrate on farming.
The Rangitikei town of Bulls was named after Mr Bull's grandfather, also James Bull.
Mr Bull was heavily involved with Massey University and is recorded as the first businessman to fund a research project there. It was on how to process potatoes efficiently into chips.
In 1995 Jim Bull's distinguished service to farming and agribusiness was recognised with an OBE in the Queen's Birthday Honours List and in 2005 Massey made him an honorary doctor of science.