GOVERNMENT-backed environment organisation Water for Rivers has sold its historic Madowla Park property in northern Victoria, in the process returning almost 7000 megalitres of much-needed waterflows to the Murray river system.
Water for Rivers, supported by federal and state governments, originally bought the one-time rice farm for more than $25 million, but last week, after returning 2800 olympic-size pools to the environment, sold the property for closer to $10 million to a local farmer, reports The Australian Financial Review.
Water for Rivers project director Don Jackson, who has led a land and water rehabilitation team on the property for the last 12 months, confirmed a sale had taken place.
The 4400 hectare property at Echuca was once owned by the fallen tycoon John Elliott, who purchased it for $4 million in 1987 and developed a sheep, cattle and yabby operation.
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