Part of historic farm Devon Park carved off for $14m

A portion of Devon Park — one of Victoria’s oldest farming properties — has sold for the first time in about 90 years, for more than $14 million, with a high-profile barrister understood to be the buyer.

Industry sources told the Sunday Herald Sun Allan Myers outlasted three other bidders to secure more than half (1273ha) of the historic Dunkeld property at auction.

It originally sprawled across about 2428ha before being subdivided for the sale.

The Victorian Heritage Database describes Devon Park as being “of historical significance as one of the earliest of the major squatting runs”, and for being associated since 1928 with descendants of wealthy pastoralist and landowner WJT ‘Big’ Clarke.

The property was being offered for the first time in 90 years.

CBRE Agribusiness regional director Danny Thomas says the vendor, Sarah Reid, is a descendant of Clarke, who was “one of the richest men in Australia” in the mid 1880s.

Clarke was an insatiable landowner who was “widely feared for his ruthless land hunger, but respected for consummate ability in pursuit of fortune”, according to the Australian Dictionary of Biography.

The 1330 Penshurst-Dunkeld Rd property fetched $4500 per acre (0.4ha), equating to a total sale price of $14,155,200, at an auction that was “very well contested by a number of local parties”, Thomas says.

Auctioneer Paul Tzamalis of The Auction Company says 10 parties registered to bid, with four actually putting their hands up.

“The land is being used for grazing. But given land in the Western District is so fertile, it could be used for cropping as well,” Tzamalis says.

“It’s in a beautiful position in the shadows of the Grampians National Park.”

Thomas adds “the name of the property” and the genuine “once-in-a-generation” opportunity it offered had also been selling points.

He says Reid’s mother, Susie Clarke, retained the remainder of Devon Park.

Thomas could not confirm the buyer’s identity, other than to say he is a prominent landowner in the area.

The property included a house and shedding.

“Money’s cheap, and there’s a scarcity that’s putting a lot of upwards pressure on land values.

“COVID’s been hardly a blip for us. We’re so lucky.”

But the purchaser is understood to be Dunkeld-raised Myers, who owns Dunkeld Pastoral Company and has accumulated swathes of land around the town since buying his first block there in the ‘70s.

As a barrister, he’s represented corporate big wigs as Andrew “Twiggy” Forrest, Gina Rinehart, Allan Bond, John Elliott and Kerry Stokes.

The Sunday Herald Sun has contacted both Myers and Dunkeld Pastoral for comment.

This article from The Herald Sun originally appeared as “Devon Park: Portion of historic Dunkeld farm fetches $14m at auction”.