La Trobe Financial CEO Greg O'Neill buys Watermill Estate at Red Hill

Greg O'Neill, chief executive officer of La Trobe Financial, has spent $20 million plus to buy a Red Hill farm on Victoria's Mornington Peninsula. 

The 120-hectare Watermill Estate was previously home to the Watermill Murray Grey stud.

It continues farming operations, running a herd of about 200 Angus steers. 

Spread across 12 titles at 725 White Hill Road, the Watermill Estate had not changed hands for almost 30 years. 

It previously traded in 1982 for $69,750.

The vendor was Melbourne-based Samdee Nominees, whose sole director and shareholder is Wendy Olenick, according to the Australian Financial Review.

Watermill was put up for sale in May with Cushman & Wakefield.

The acquisition comes less than two years after O'Neill sold an 80% stake in La Trobe Financial to American private equity giant Blackstone.

O'Neill's late father, Ray O'Neill, founded La Trobe in 1952 and then handed the reins to his son in 1997.