IT's arguably one of the world's most beautiful farms, and it's just sold for somewhere around $20 million.
The 257 hectare (635 acre) property is located near Queenstown, New Zealand, and thanks to Hollywood, is in the heart of what's become known as Middle-earth.
Ray White Queenstown's owner and selling principal Bas Smith says the iconic farm and film location attracted interest from "super high net worth" individuals across the globe including several US and European billionaire's and large corporate entities.
However, the farm eventually sold to a New Zealand businessman, who plans to farm Arcadia organically and renovate the homestead to its former glory.
"Arcadia actually helped put Queenstown on the map as a tourist mecca long ago as it was the place wealthy travellers came to stay and relax back in the early 1900s," Mr Smith said.
"The name literally means paradise, it has a 1.4km border to Diamond Lake the rest to Mount Aspiring National Park."
The property has been farmed for more than 80 years by the Veint family. Jim Veint bought the property off his father, Lloyd, in 1960, and has lived there his entire life.
"At 83 he is as fit as a fiddle, still working the farm, opening all the gates and tending to his stock but he recently accepted that it was time to sell," Mr Smith said.
The incredibly scenic property near Glenorchy is famous as a setting for hundreds of television commercials and movies including The Lord of the Rings, Prince Caspian, The X Men and The Hobbit.
"We ended up doing the deal over 48 hours on the eve of the (COVID-19) lockdown.
"Jim is very happy with the result in the knowledge the property has been presented to the world over the summer which gave him comfort that he was dealing with the best buyer in the market."
The property was being marketed with a price guide from $15 million to $20 million which reflected the iconic status of the block and the potential for foreign buyers who were prepared to go about achieving overseas investment approval to purchase.
In the end, the property sold to a Queenstown businessman and farmer, one of the first people to view the property.
Mr Veint has five grown children but he had always made it clear that it was better for him to sell rather than choose one of the kids to take it over plus the value price tag these days makes it difficult to provide family continuity.
Mr Veint has been invited to advise on the new management plan alongside the renovation of the historic 114 year old homestead. His old dog Boe can stay and live out his days in the sun.
Mr Smith said four "very competitive offers" had been made on the property.
