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.