RECEIVERS for failed managed investment scheme company Great Southern have sold Moola Bulla Station in the Kimberley region of Western Australia for more than $18 million.
It is the year's biggest cattle station transaction in northern Australia, reflecting a slide in values in the debt-laden industry, The Australian Financial Review reports.
Purchased by Great Southern for $30 million at the peak of the market, the 661,000-hectare Moola Bulla Station – with 24,000 head of cattle – was snapped up by one of its previous owners, South African Nico Botha.
"We are at the bottom of the downward spiral now. Only time will tell if it's a bargain," Mr Botha said. "To get Moola Bulla back will help our profit margins. Our profit margins were getting tight so we needed to expand and this is basically the reason for buying."
