Waikato's most expensive dairy farm has been sold to a mystery bidder for more than $6.5 million.
In recent weeks the 157ha Tatua farm, just outside Morrinsville, has attracted nationwide interest, and speculation was rife that it might fetch $7 million.
Yesterday, more than 150 curious onlookers crowded intothe Bayleys Real Estate auction room in Hamilton to see just how much the highly publicised farm would sell for.
Bidding started at $4.5 million, but quickly rose as three to four serious bidders, mostly hidden among the crowd, fought it out.
The property's owners, Colin and Fiona Hicks, watched with interest at the back of the room, silently hoping for a successful sale.
When the bidding reached $6.4 million, auctioneer Richard Valintine paused to privately consult the Hicks and serious contenders.
After an anxious wait, Mr Valentine reopened the bidding at a record $6.5 million. Without further offers he declared the farm "put aside in favour" to the top bidder.
The final price was agreed later in the day after private negotiation with the mystery bidder's solicitor.
Bayleys Real Estate agent Mike Fraser-Jones said the buyer wanted his identity and the final price withheld. However, the Herald understands the man is from the Waikato region.
Mr Fraser-Jones said the sale goes down as a record for the real estate company and probably the whole of the Waikato.
It exceeds the $4.325 million paid for a 178ha Lake Karapiro dairy farm in 2001.
As well as the 157ha, the new owner of the Hicks' farm has bought himself five houses, a swimming pool, 36-a-side herringbone milking shed and a stable block.
But his greatest asset is probably the farm's link with Tatua Co-Operative Dairy Company, which last year paid its 132 shareholder farmers $1.40 more than their Fonterra counterparts.
Tatua's upcoming payout is expected to be $5 to $5.10 a kilogram of milksolids - up to $1.50 more than Fonterra's best estimate.
Mr Fraser-Jones said the record sale price reflected the scarcity of Tatua supply farms and the dairy company's financial performance.
Bayleys staff, like the Hicks, were last night celebrating the sale.
The Hicks have already bought a new 110ha Bay of Plenty property, which features a nine-hole golf course.
