Nathan Tinkler sells Banoon, his Victorian rural property

Banoon, Nathan Tinkler's 385-hectare property near Woodend, an hour north-west of Melbourne, has been sold.

With a crowd of 45, four of the five auction bidders participated after it was called onto the market at $2.1 million.

It sold for $2.56 million. The listing agent had been always advising prospective buyers before today's scheduled 2.30pm auction that it was likely to sell for between $2.1 million and $2.3 million.

The 120 Joyces Road, Monegeeta property was marketed by Keatings Real Estate as an "excellent opportunity to secure a rarely available large inner country, very versatile lifestyle property."

At the end of its mature oak tree entrance driveway, there is a rambling five bedroom 1910 weatherboard homestead. The property has Deep Creek frontage.

Its farming Zone (FZ1) come with subdivision potential into minimum lot sizes of 40 hectares (100 acres) subject to council permit.

There were ambitious $5 million hopes for the property on its 2010 listing. Nathan Tinkler over paid when he spent $3.63 million for Banoon in 2008.

Estate agent John Keating told Property Observer he was pleased with the result after a competitive auction.

Banoon was the last of the scheduled offerings in the Tinkler property portfolio, although the only land sale to date.

The ATO has an interest in the outcome.