THE high tonnage Mackay region cane and cropping operation Ribaldone has sold at an Elders auction for $4 million.
The property was bought by the adjoining Sammut family.
Robert Murolo, Elders, Mackay, who handled the marketing of the property, worked out at about $7300/acre for the cultivation area.
"There is plenty in fully irrigated, well presented cane farms," Mr Murolo said.
"There's certainly a lot of confidence in the cane industry at the present time with historical high sugar prices out to 2023."
Queensland Sugar Limited has 2022 sugar prices currently quoted at $563/tonne.
Bidding opened at $3.4m under auctioneer Gordon McDonald from the Auction Group
Located in the sought after Homebush district about 30km south west of Mackay, the 277 hectare (684 acre) farm has quality Marian and Calen soils with an area of Brightly creek flats.
Offered by eponymous Ribaldone family, Ribaldone has underground mains and has been laser leveled for efficient flood irrigation and drainage.
Abundant water is supplied by three bores, as well as a 443 megalitre Eton Water Scheme allocation.
There is currently 221ha of cultivation under cane.
Improvements include two large sheds with a workshop.
Plant and equipment as well as the 2022 crop is included in the sale.
Want daily news highlights delivered to your inbox? Sign up to the Queensland Country Life newsletter below.
Sign up for our newsletter to stay up to date.