NT Cattle Station Sells for $26m as Carbon Plan Collapses

The sale ends a turbulent ownership period for Benmara, which was bought in 2023 for $40 million (bare of cattle) by Sydney investment company WealthCheck, founded by Sam Mitchell. WealthCheck and its US partner Hartree had registered a carbon project with the Clean Energy Regulator under the Human Induced Regeneration (HIR) methodology, which rewards landholders for encouraging vegetation regrowth to store carbon.

However, the Benmara carbon project never generated a single Australian Carbon Credit Unit, and the project was revoked in December 2025. The HIR methodology itself has since been shelved by the federal government, with no new projects allowed under the method.

WealthCheck went into liquidation in 2024, and Benmara was listed for sale in 2025 with an asking price of $35 million or nearest offer. The property had been "largely destocked" over the previous 18 months, according to selling agent CBRE Agribusiness. CBRE's website noted an estimated carrying capacity of 17,500 adult equivalents and said the station "offers ample potential for further development." Agents at CBRE did not comment on the sale when contacted by ABC Rural.

The decline in value reflects the collapse of the carbon revenue stream that underpinned the original purchase. WealthCheck also owned Conways Station in Arnhem Land (purchased for $14.5 million) and Maryfield and Limbunya Stations, bought for more than $100 million. Those two properties have been relisted for sale this week.

Why This Matters

The sale highlights the financial risks of linking large pastoral land acquisitions to carbon credit revenue, particularly under methodologies that later prove contentious or are withdrawn.
The $14 million loss and liquidation of WealthCheck serve as a cautionary tale for investors eyeing Australia's carbon farming industry, especially as federal policy tightens around HIR methods.
The fate of the other former WealthCheck stations — Conways, Maryfield and Limbunya — will signal whether the broader market for NT pastoral properties has softened or if Benmara's price reflected its specific circumstances.

Background

Benmara Station sits on the Barkly Tablelands west of the Queensland border. The Northern Territory has seen a surge in corporate and investment interest in large cattle stations in recent years, with some buyers seeking both livestock production and carbon farming income. The HIR methodology — designed to encourage native forest regrowth — faced criticism from experts for over-crediting and was ultimately closed to new projects. Australia's carbon credit scheme remains politically sensitive, with debates over integrity and additionality.

Key Perspectives

UK livestock producer Shaun Davis / Benmara Land Holdings: Acquired a large, largely destocked station at a significant discount. CBRE's marketing emphasised development potential, suggesting the buyer sees traditional cattle production as the primary value. WealthCheck (in liquidation) and Sam Mitchell: The original investors who bet on carbon revenue never materialised. The liquidation and subsequent sale at a 35% loss underscore the financial consequences of that bet. Clean Energy Regulator and federal government: By revoking the Benmara project and shelving the HIR methodology, regulators have signalled a stricter approach to carbon farming, potentially discouraging speculative land purchases tied to future credits.

What to Watch

The listing prices and eventual sale outcomes of Maryfield and Limbunya Stations, which will test market appetite for former WealthCheck assets.
Any regulatory changes or new methodologies from the federal government that could revive carbon farming investment on large pastoral properties.
Whether the $26 million price becomes a benchmark for Barkly region stations or remains an outlier tied to Benmara's specific history.

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