Ric Stowe's Devereaux Farm, WA sells to Linkforce mining engineer Luke Herbert

Ric Stowe's Devereaux Farm, WA sells to Linkforce mining engineer Luke Herbert
Ric Stowe's Devereaux Farm, WA sells to Linkforce mining engineer Luke Herbert

The mining services business owner Luke Herbert has paid $21.35 million for one of Western Australia’s most famous grazing estates, Devereaux Farm.

The sale of the 2470-hectare property, formerly owned by coal baron Ric Stowe, settled on Tuesday, according to the Australian Financial Review.

With an estimated $20 million net worth, Luke Herbert recently appeared in 90th place in BRW’s Young Rich 2013 list of 100 wealthiest Australians aged 40 and under.

Mr Herbert is a Port Hedland-born businessman who owns WA-based mining and engineering services company Linkforce Engineering which provides construction, shutdown, scaffolding and equipment hire services to the mining industry with a turnover of $93 million in 2012.

Devereaux Farm, located in Perth’s outer metropolitan area at Bullsbrook, has five residences, two helipads, an airfield and a polo field.

Stowe's financiers seized the property in 2010 with a PPB receivership to recover loans tied to his collapsed Griffin Coal empire. The private Monaco-based businessman's empire imploded in January 2010, leaving behind a trail of more than $2 billion in debt.

The Commonwealth Bank of Australia had valued the property at $68 million in 2010.

John Garland, of Garland International, and Jones Lang LaSalle handled the sale process which included artwork and other house contents.

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Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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