Industry News

Figtrees sells for $5.35 million to private investors

The Murray and Sue Murdoch-owned Figtrees has been sold for $5.35 million in a joint venture with Magic Millions and iThink Property, the real estate agency run by former Magic Millions auctioneer Clint Donovan.

The Hinterland property, which features 195 acres of land and three homes, has been developed over the last 13 years by the Murdochs and sold to private investors yesterday.

“We’ve been friends with the Murdochs for 15 years and they chose us to do the marketing for the property and we were lucky enough to find a buyer today,” said Donovan, principal of iThink Property Gold Coast. 

“The price was $5.35 million, after some negotiations, and they chose us to market it because of our network of buyers. 

“The buyer is a private investor from Brisbane, and wasn’t actually in the thoroughbred industry, but will be for the next years, and they’re going to run a commercial operation out of Figtrees. Their intention is to provide a subsidiary service of some kind, spelling horses, foaling down mares and the like. 

“For the Murdochs, they’re at an age where they don’t need to work anymore. They’ve been wonderfully successful in the thoroughbred industry, but they’re ready to hand over the reins.

“It’s a beautiful thoroughbred facility, with three homes and significant improvements to the facilities.”

Among the high-class horses to have been sold by the Murdoch’s Fig Tree Thoroughbreds is Hong Kong Group 1 winner Ivictory (Mossman) as well as Listed winner and recent Kingsford-Smith Cup (Gr 1, 1300m) runner-up Jonker (Spirit Of Boom).