Rowell Walton's Condamine aggregation farm offering
ANZ Bank has listed the 12,000-hectare farming aggregation in the Condamine owned by Rowell Walton, who chaired Rural Finance Roundtable.
The CBRE sales campaign for the Condamine aggregation in the Western Downs area is likely to attract offers of about $15 million when it concludes later this month.
It was in April, when the empire of one of Australia’s largest grain-growers and influential farm leaders, collapsed with debts of more than $30 million on his five Queensland cropping properties.
The ANZ Bank sent in the financial receivers KordaMentha to their 2400 hectare home, Yullabilla station and adjoining Mt Pleasant, Wyola and Undulla stations near Tara.
At the time The Australian reported Mr Walton said he had probably borrowed too much for expansion in the three years between 2006 and 2009.
His farms were then worth $27 million with land values rising and the major banks, prior the global financial crisis, were lending freely.
Floods hit Mr Walton’s properties in 2010-11, wiping out crops worth more than $7.5 million a year.
His properties subsequently suffered two years of drought.
Walton was active in Katter's Australian Party and before than in the Queensland Nationals.
Offers are due by 25 July.
