Stokes goes on farming spree

28 Jun, 2010 12:00 PM
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Kerry Stokes
Kerry Stokes

BILLIONAIRE Kerry Stokes is circling more agricultural land holdings, this time in South Australia, with a local joint-venture partner in tow.

Mr Stokes, whose wealth is estimated by BRW at $2.29 billion, is taking advantage of the opportunities in the struggling rural, outlaying $5 million last year for Mt Scrub, a 660-hectare grazing property on the Fleurieu Peninsula south of Adelaide.

Mr Stokes is set to buy Clifton Downs, a 550-hectare grazing property on Kangaroo Island, which ­adjoins another property he has on the island. He already controls 5000 hectares of country in South Australia and more than 4000 head of cattle, according to The Australian Financial Review.

Elders is marketing the Clifton Downs property but could not comment on the prospective buyer. Its marketing campaign says Clifton Downs is a "productive and reliable" property with a three-bedroom homestead.

Clifton Downs is likely to fetch well over $1 million, which is a comparatively small agricultural investment for Mr Stokes, who sank more than $280 million into ­Agricultural Bank of China this year through his 68 per cent-owned Seven Group Holdings.

The Australian Financial ReviewSource: http://www.afr.com

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