Merivale CEO Justin Hemmes has bought a 60-hectare seaside cattle farm on the New South Wales far south coast.
While the purchase has not been confirmed by Hemmes, the property reportedly sold for $7.5 million, having been list for $8-$10 million.
The Glasshouse Rocks Estate in Narooma was owned by the Chapman family for over 70 years, and run it as an Angus cattle farm.
Agent David Nolan of Webster Nolan told Business Insider that the new owner is expected to also run the property as a cattle farm.
Five minutes from Narooma and 30 minutes from Moruya Airport, the secluded seaside property has two beachfront residences, open grazing country, three livestock dams and views of the beach’s landmark rock formations the property is named after.
The main homestead is a two-storey, five bedroom weatherboard home which, according to the property’s memorandum suggests could need to be renovated or reconstructed.
The other residence, described as “the beach house” is a four bedroom older style weatherboard home.
This latest acquisition by Hemmes comes after his purchase of the Queen Victoria Hotel in Enmore last month for almost $11 million, and the Newport Arms Hotel in March for about $50 million.
The Hemmes family also own a coastal holiday retreat in Berrara, a two hour drive north of Narooma, which he bought for $4.15 million at auction in 2007.
Here’s a look at the farm, courtesy of Webster Nolan real estate.
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