Bourke cotton property Darling Farms has been sold by the Buster family and will be taken over by a Moree-based company after an agreement has been reached for an undisclosed sum.
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The 14,676 hectare property has been on the market for several months and the owners were in negotiations with three parties, before making their decision.
It was estimated Darling Farms would be worth $45 million and while a confidentiality agreement has been signed by the parties, Darling Farms managing director and part-owner Ian Cole said the family was happy with the price.
Mr Cole said the death of patriarch Jack Buster in January and the tough season had convinced the family the time was right to sell.
"Jack died at the age of 83 at the beginning of this year and it probably crystallised a few things for the family," he said.
"Jack had five children and they are all involved in the property in some way. During the terrible drought in 2002 and 2003 we collected some debt but we batted away and did really well.
"We tried to sell once before, we actually had an agreement with a potential buyer that fell through and we decided to keep going. That was some time ago."
Mr Buster and Owen Boon came out from America in the mid-1960s and after a brief time in Wee Waa, they moved to Bourke and bought Darling Farms. It had been a grazing enterprise but the pair bought water licences and were a major part of Australia's cotton boom.
When Mr Boon left in the 1980s, Buster bought his share and his four sons and one daughter also became involved.
"Darling Farms is more than a commercial farm, it is a community. There are more than 30 houses and at one time there was a school that taught 70 children at its peak.
While pleased to see the sale go through, Mr Cole said there would also be a lot of sadness when the family left for the final time.
"There are certainly mixed emotions about the sale. Some of us are very sad and others have accepted it. Some of the family will stay in the area and others have already, or will, move," he said.
"Darling Farms has been in the family for 50 years and most of Jack's children have been running it for 30 years. It's unusual for a big group to work so well together but we really did."
Contracts are expected to be exchanged later this week and Mr Cole is expecting the deal to be completed before Christmas. He said his understanding is the future owners, who are associated with Australian Food and Fibre Limited, will continue to utilise the property for cotton and grain.
