Andrew Forrest buys Kimberley’s Jubilee Downs and Quanbun Downs for more than $30 million – ABC News

Mining billionaire Andrew Forrest has purchased two iconic cattle stations near Fitzroy Crossing the first major sale in four years in Western Australia’s Kimberley region.
Key points:

• Andrew Forrest has paid more than $30 million for two iconic cattle stations Jubilee Downs and Quanbun Downs
• They were highly sought after, with more than 14 expressions of interest in the sale
• The stations are located near Fitzroy Crossing in the Kimberley region of WA

The ABC understands the two adjoining pastoral leases Jubilee Downs and Quanbun Downs sold in a single transaction for more than $30 million overnight.
The stations were formerly owned under a partnership between Texas billionaire and environmentalist Ed Bass and the Anderson family, who managed the property for more than 40 years.
Located 400km east of Broome, the highly sought-after properties boasted river flood plains and 11,000 droughtmaster cattle across 221,408 hectares.
Forrest commits to continue legacy
Jubilee Downs once ran sheep and was improved largely with the help of Indigenous stockmen.(Supplied: Keith Anderson)
However, what really attracted the buyers was the legacy that Keith and Karen Anderson left behind award-winning regenerative land management and a herd of quality cattle.
Mr Forrest’s investment group Tattarang said the purchase would become a key part in the supply chain of the Forrest’s gate-to-plate beef business Harvest Road Group.
“We are humbled to be able to continue the legacy Keith and Karen Anderson have built,” the Forrests said.
“We are passionate about the unique environment of the Kimberley, and the precious waterway and lifeforce that is the Fitzroy River.
“We strongly believe in the principle of balancing the need for sustainable agriculture and job creation for local communities.”
The Forrest family’s new investment sees them alongside other giants in the region including Consolidated Australian Pastoral Holdings and Gina Rinehart, who owns nearby Fossil Downs.
Jubilee Downs Station owner Keith Anderson said the sale should go ahead within normal procedures, following the agreement of the sale.
“In the vicinity of $30 million dollars is accurate,” Mr Anderson said.
“We have selected who would do justice by looking after the river system, and the rangelands here that’s been a priority for me.
“Everyone should be running cattle at a potential carrying capacity. It takes a lot of care, and it’s no cost to the taxpayer.
“Our daughter and son and their families will stay on, as the purchasers endeavour to carry on our legacy.”
One of the outstanding features of Jubilee Downs is its high quality droughtmaster herd.(ABC Rural: Matt Brann)
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14 bidders for iconic property
Elders real estate agent Greg Smith confirmed the property fetched a price of more than $30 million.
Andrew Forrest has announced his family has bought two iconic cattle stations in the Kimberley region of WA.(Supplied: Minderoo Foundation)
The property attracted 14 expressions of interest, which was then shortlisted by price offers above $25 million.
In the second round, an acceptable non-binding offer was made by the Forrest Family.
Peter Camp, owner of nearby Kalyeeda Station, grew up in the Kimberley and said Keith Anderson was an exemplary land steward in the northern pastoral industry.
“What made Keith and Jubilee stand out was his methods to reduce his cattle numbers, running it at a more conservative stock rate, which was sustainable and he really made an effort to look after the rangelands, regenerating and developing the land,” Mr Camp said.
“Due to his rangeland management, stocking rates and of course the genetics in his herd, to this day, make Jubilee stand out from other properties.
“Back in the day the writing was on the wall the rangelands were deteriorating quite rapidly, and Keith picked up on that very early in the piece.
“What he has done there over the past 30-year period has reflected on what the property is this day and age.”
Mr Camp said it was sad to say goodbye to a Kimberley stalwart.
“We’ve seen quite a few go over the past four or five years,” he said.
“Certainly, the numbers are dwindling for the original pastoralists that used to operate and support these areas.”
Mr Camp said he was not surprised the property fetched a high price.
“From a cattlemen’s point of view and business point of view, where would you go in Australia that could find a land system that’s been cared for and looked after as

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