FORMER coal tycoon Ric Stowe is selling his rural land empire worth more than $130 million.
According to The Australian Financial Review, the jewel in the crown is Devereaux Farm, in Western Australia, which is where Mr Stowe indulged his passion for polo. It is now in the hands of receivers PPB.
The 2470-hectare property has luxury accommodation and equine facilities.
It was previously on the market for $70 million but is now expected to fetch over $60 million when expressions of interest close in June through real estate firm Savills.
Separate to the receivership sale, Elders has been appointed to market Mr Stowe's 24,000 hectares of grazing country north of Perth.
The properties owned through Mr Stowe's WR Carpenter Agriculture – regarded as one of the largest cattle operations in WA – includes famous stations such as Emu Downs, Cantabilling Station, Dandallen and Joanna Plains.