A Rutherglen farm has been sold for more than $5 million in a property carve-up which set a new benchmark in the region.
Winona fetched $5.69 million across three lots for the prime real district holding of 333 hectares, just four kilometres from central Rutherglen.
Held and farmed by vendor Jack Nicoll since he purchased the first section in 1960, the now 86-year-old sold the property and plans to retire.
Friday's auction was conducted by Rodwells agents Dave Colvin and Peter Ruaro at the Corowa RSL.
Mr Colvin said with an indicative land value of the order of $7000 per acre, or $17,000 per hectare, the worth is of the best soil types been established around Rutherglen.
"The auction campaign was conducted under some difficulty due to the restrictions on border crossings between NSW-Victoria, which for some time limited property inspections from interested buyers from NSW," he said.
"Lot one, known as The Homestead block of 200 hectares, sold for $3.3 million.
"It includes an older style original family home plus a large range of farming infrastructure of hay storage and machinery sheds."
This lot is also believed to be the former site of the award-winning C J Burns Winery, with some old buildings still present.
Lot two, known as Redhill, which is carrying a "good crop of oats and barley", has an area of 111 hectares with no buildings
It sold at auction for $1.955 million.
Both lots were purchased by a farming family from the eastern Riverina.
The third lot, a town edge block of 20 hectares, sold to a local couple for $435,000.
All three lots have town water and power connections.
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The story $17,000 per hectare, not a bad pay day for 86-year-old retiring farmer first appeared on The Border Mail.