The hammer went down on the property to a winning bid of $64.49m, made by Christchurch-based lawyer Mark Dineen, of Goodman Tavendale Reid Law.
It was not revealed at the auction who Dineen was operating for, but it is understood the family owns farming property in Mid Canterbury.
Property Brokers-Hastings McLeod auctioneer Hamish McLeod closes the auction on the sale of almost $65 million
The under-bidder was Geoffrey Holman, of Pullington, a Western Australia-based investment vehicle owned by Holman and his wife Frances.
Countering the opening bid of $48m made by Mark Tavendale on behalf of joint vendors the Morris family, Holman bid the entire auction.
But at the end he said he was not disappointed to have missed out.
“I’m delighted. It’s a lot of money. It will buy a yacht,” he said.
Ealing Pastures was bought for $5m in 2000 by a partnership that was 25%-owned by Jean and the late Allan Hubbard, 25% by current and vendor occupiers Andrew and Rachel Morris and 50% by Pullington.
The three-way partnership was terminated by Hubbard’s death in 2011and consequently the High Court ordered it to be sold by no-reserve auction to dissolve the remaining partnership.
The ruling also determined the buyer must buy the livestock and plant at market value.
At a Court of Appeal hearing in April last year that upheld the initial High Court sale decision the property was identified to be worth $60m plus livestock and plant.
Ealing Pastures milks 3200 cows and is expected to produce 1.3 million kilograms of milksolids this season.
About 200 people packed out the auction room in Ashburton.
The buyer will take over the property on June 3.
