Rupert Murdoch's niece sells Western Districts aggregation
Judy Paterson, the niece of Rupert Murdoch, and her husband Rowly, who together run regional Victorian radio broadcaster Ace Radio, have sold their Mount Hamilton mixed-farming aggregation for more than $10 million to a nearby farmer.
Ms Paterson is the daughter of the late Helen Handbury, who was the sister of the American media magnate and executive chairman of News Corp.
Her brother Paddy Handbury is a former Financial Review Rich Lister who heads up The Handbury Group with interests spanning cattle stations, golf courses and property development. Another brother, Matt Handbury, is a well-known publisher and the executive chairman of Murdoch Media.
Property records show the Patersons’ 2003-hectare property on Woorndoo-Streatham Road in Nerrin Nerrin – about an hour west of Ballarat – was acquired by SGW Pastoral Company, which owns properties in the Western Districts including Pagel Park at Nerrin Nerrin. SGW is owned by Stewart Wills.
The Patersons’ aggregation was offered in three contingent lots comprising Mount Hamilton, Warralinga and South Springs. It was advertised as suited to cropping, prime lambs, beef, wool and fodder production.
Included in the sale was a grand, four-bedroom limestone homestead built in 2008 overlooking a private lake and four additional residences.
“A prestigious, significant holding of quality, versatility, reliability and position,” said selling agents Michael Stewart and Brian Wood, from rural specialist Charles Stewart & Co.
Property records show the Patersons acquired the property for just over $7 million in December 2009. They sold it in two tranches of $9 million and $1.2 million, with the most recent settlement occurring in March.
Rowland “Rowly” Paterson and Judy Paterson established Ace Radio Broadcasters in 1984 and with the support of the Handbury family have grown the company to 17 radio stations and the Horsham-area Weekly Advertiser newspaper.
Radio licences
According to its website, Ace Radio employs more than 200 people across Victoria and southern New South Wales.
Full year accounts for the year ending June 30, 2019, show Ace Radio Broadcasters Pty Ltd generated revenues of $36.4 million – most of which was advertising revenue – and made after tax profits of $4.3 million.
In the previous year it generated revenues of $33.9 million and made profits of $3.7 million.
The company paid a dividend of $2.8 million in the 2019 financial year, up from $2 million in 2018.
According to the 2019 annual accounts its radio licences are valued at $23.2 million while its property assets are worth $6.6 million.
