The decline in value of wine ­assets in the millionaires' playground of Western Australia has been so great that some vineyards lost all of their value, after being priced at $60,000 to $70,000 a hectare just a few years ago.

The catch is there is still an ­underlying price for the land ­underneath the vines, known as the "bare-land value", although even that is subject to negotiation, The Australian Financial Review reports.

An enduring wine glut, strong Australian dollar and dominance by major retail chains has hurt even the most established vineyards, and forced many to dig up vines due to continued losses.

The tourist destination was also a victim of falling land prices, following the boom years leading up to the financial crisis.