Alroy Downs will be used as part of the Great Southern herd, which Mr Buntine has a contract to manage.

“The purchase is part of another business of mine and is completely different from Great Southern – they own their own properties and lease some others on which they run their herd. Alroy Downs is one of them,” Mr Buntine told the Australian Financial Review on Monday.

Alroy Downs Station was bought in early 2004 by Peter Sherwin from part of the Stanbroke consortium.

He developed the property further, adding a substantial number of cattle.

Property specialist Lex Heinemann, Ray White Rural, Brisbane, declined to comment on the sale, but says the Northern Territory rural property market is booming.

Mr Heinemann says Peter Sherwin is without doubt the most successful self-made cattleman of the current era and second only to Sir Sidney Kidman in history.

“And I regard Stirling Buntine as the next Peter Sherwin,” Mr Heinemann said.

Other NT properties for sale include:

• The 306,000ha Legune Station on Joseph Bonaparte Gulf.

• The 705,700ha Wollogorang Station on the Gulf of Carpentaria which is expected to make up to $50 million.

• The 139,200ha Conway’s Station, about 180km north-east of Katherine, for which its New Zealand owners are asking $11.5 million for the half-developed land.

• In the far north, La Belle Station, owned by Peter Camm, may come on to the market.

• Another 500,000ha station close to the West Australian border may come up for sale by early May.

SOURCE: Queensland Country Life, March 13