Riverpoint Aggregation sold

The aggregation, which has been on and off the market since 2006, was almost sold for $33 million in an earlier campaign, but the deal fell over and the cotton-producing farm has had trouble selling ever since.

Riverpoint, a 5300-hectare aggregation of three properties, including Buddah, Riverpoint and Kansas Plains, was owned jointly by three of the most ­successful farmers in the area, the Carolan, Findley and Schwager families at ­Wee Waa, NSW.

One of the partners was ill and wanted to "urgently" dissolve the partnership for succession, said the marketing agent Ray White's Rob Southwell.

However, the most recent selling campaign for the properties failed ­without a single inspection, leaving the owners ­dumbfounded.

Mr Southwell said given the limited level of interest, the purchase price was a good result.

"The price tells people that we had vendors that were prepared to meet the market and this is the market we have at the moment," Mr Southwell said.

"The vendors said they were happy with the result but disappointed with the market. They can now move on after what has been a protracted period of time to try and sell the asset."

The farm has more than 15,000 mega­litres of water entitlements, which could alone fetch as much as $1100 each. The aggregation was also sold with a crop in place estimated to yield 14,000 bales or about $7 million.

Albert Panizza, who could not be reached for comment, attended the auction in Brisbane on Friday, when the property sold under the hammer.

The initial bid from the floor during the sale was $10 million.

Mr Panizza, who had farming interests in northern NSW, was a major investor in the then listed cotton ­farming entity, Carrington Cotton ­Corporation.

While the property was one of the most well-regarded in the area, the heavily discounted price was likely to put pressure on values and dampen the mood for the spring selling season.