The Australian Financial Review reports that Moola Bulla Station was passed in under its reserve at auction in Darwin yesterday on a bid of $25 million.

Consolidated Pastoral had shown strong interest in the 660,811-hectare Halls Creek station in Western Australia, and it is now negotiating to buy the property from Great Southern receivers McGrathNicol.

The cattle station, along with Wrotham Park and Chudleigh Park in Queensland which will be auctioned on Friday, were once managed investment schemes, but they were swapped by their owners for shares in Great Southern earlier this year.

That swap has caused much controversy, but is expected to make the sale process easier as it is now under the control of the mortgagee.