Gina Rinehart buys Fossil Downs, the WA's pastoral jewel
Fossil Downs Station, the jewel of WA's pastoral industry, has been sold by the Henwood family to cattle queen in the making, Gina Rinehart.
Covering almost 400,000 hectares where the Fitzroy and Margaret Rivers meet, the heritage-listed homestead has been dubbed the "Taj Mahal of the Kimberley".
It is located 430 kms to the live cattle export port of Broome and 30 kms to Fitzroy Crossing township.
Offers closed July 2 for the property with real estate agent Malcolm French telling the West Australian newspaper he had seen nothing that compared to Fossil Downs in 50 years with Elders.
The $30 million sale to miner Gina Rinehart is reported by the paper today, saying interest came from some of the biggest names in the West Australian business world, including Kerry Stokes and Andrew Forrest.
Rinehart's vision for cattle production in the Kimberley through joint venture company Liveringa Station Beef was crucial in winning over Fossil Downs’ owners John and Annette Henwood, who made the gut wrenching decision to sell, ending a family association dating back to 1882.
"I feel an absolute traitor," said Annette Henwood, who was featured on the farm in a 1952 Australian Women's Weekly article.
"I never wanted to be the MacDonald who quit," she said.
Last year, Gina Rinehart's company Hancock Prospecting paid around $40 million for a 50 per cent stake in the Liveringa and Nerrima Stations in the Kimberley, hoping to capitalise on Asia's increasing demand for food.
