UPDATE: NEGOTIATIONS are said to be continuing on the Sultan of Brunei's 171,000ha (422,550 acre) Northern Territory cattle station Willeroo after it was passed in at an auction in Brisbane this morning.
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The Victoria River District property was passed in for $12 million, after bidding opened at $10m at the well attended auction.
Marketing agent Russell Wolff, Ray White Rural, said four parties had registered to bid.
Willeroo is seen as a test of the NT rural property market which has been in crisis since the Gillard government placed a temporary ban in June, 2011 on live cattle exports to Indonesia.
Willeroo is ideally positioned to service the live export trade, located 130km south west of Katherine.
Willeroo was offered with 13,500 well handled, branded Brahman cattle and about 4500 followers.
The country is described as undulating basalt and black soil, supporting an excellent body of natural pasture.
There are 17 bores, numerous water holes in the Aroona channels and springs in various locations.
The property also has an 80mm double frontage to Victoria and Buntine Highways.
See Queensland Country Life every Thursday for more property news.
