Mr Pannett, who described the sale as a "ripper", said they ran a commercially focused operation.
"It's about identifying a bull that will add value to our client's farming system, as each bull will suit different operations," he said.
The couple have been farming the nearly 4000ha property in their own right since 2003.
The property ranges from 100m to 900m, from irrigated flats to native tussock, with 2500ha of tussock used only for summer grazing.
The farm ran 350 commercial breeding cows (Hereford and Hereford-Angus cross), 300 stud breeding cows, 5000 Romney breeding ewes and 1300 ewe hogget replacements.
The couple won the 2010 New Zealand Hereford Herd of Excellence award, established to identify a breeder who has achieved the highest standard with Hereford cattle and their total farming enterprise. Mr Keach said there was a lot of confidence being shown in quality stock at recent bull sales in the South.