Green farming investors Wilmot Cattle Company has bought one of the oldest, original properties in the local district.
The 2575 hectare (6363 acre) Paradise Creek Station was offered for sale through LAWD late last year.
No price has been offered for the sale to Wilmot which has recently expanded its New England portfolio with Wilmot near Ebor, Woodburn near Walcha and Morocco at Gunnedah.
Last year Wilmot famously struck a deal with technology giant Microsoft to sell around half a million dollars worth of carbon credits from its properties.
Paradise Creek has been running 500 cows, 1500 Merino ewes and 700 wethers.
The property has a long term average carrying capacity of 18,000-22,000 dry sheep equivalents.
Paradise Creek holds a special place in Australian history. It is famous for at least two Tom Roberts' paintings - Bailed Up (1895) and In a Corner of the Macintyre (1889).
LAWD director Simon Cudmore said the property attracted more than 80 enquiries from across multiple states.
It was the first time it had been sold in 117 years.
"Properties of such quality and of this scale are scarce and rarely come to market in the New England region," Mr Cudmore said.
He said the station's reliable rainfall, abundance of water and quality soils coupled with a reputation for producing high-performing sheep and cattle made it a major opportunity for a range of ventures to invest.
First settled in 1839, it has been held by descendants of the Nicholas family since 1906.
Ben Swan, who is fourth generation to the family business, said while his family was sad to farewell such an iconic piece of history, they were pleased to pass this legacy on to Wilmot Cattle Company.
"We are incredibly proud to see our family's hard work, and the lifetime's effort of my late father Bill, come to fruition as Wilmot, following their due diligence, recognised Paradise as a worthy investment," Mr Swan said.
"We are excited to see what Wilmot can achieve with Paradise Creek Station into the future, however, the history of this property will never be lost on us."
Wilmot general manager Stuart Austin (pictured above) said Paradise Creek completed the business's recent phase of expansion.
"Paradise Creek Station suits our acquisition strategy as it had the balance of being geographically diverse compared to our other assets, while still being within close enough proximity to fit with the rest of our business," Mr Austin said.
"In the next six months we will build our development plan, and our goal is to establish a breeding herd on some of Paradise Creek's rougher country, while further developing the open country so the property can trade cattle year-round."
Mr Austin said the five-year plan will be incrementally rolled out to establish the infrastructure necessary to introduce rotational grazing, including improved pastures, fencing and an expanded water network.
"Our core business is breeding and trading cattle, however through our regenerative practices of restoring the ecological function of our landscapes, carbon credits may be a co-benefit," he said.
Mr Austin said Paradise Creek was a long-term investment.
"We have to acknowledge the Swan family for their dedication to their land, and I wholeheartedly see how special Paradise Creek Station is to them, having now spent time on the property," he said.
"This is a long-term investment for us, and we may own it for the next 117 years."
Paradise Creek was originally settled by Tom Hewitt for pastoralist Henry Dangar in 1839, who amassed more than 200,000ha hectares of country in the area.
In 1875, a portion was selected off the holding. In 1906 the Nicholas family began its custodianship, which has continued through to this day through the Swan family.
The station has a four-bedroom, two bathroom homestead with panoramic views over the valley. There is also a machinery shed, silo and a 700m airstrip.
LAWD marketed Paradise Creek through an expression of interest process which closed on December 9.
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