A 3139 hectare cattle and sheep farm in New Zealand’s King Country has sold for NZD$32 million.

The property on New Zealand’s North Island is one of the most prized farms to come on the market in recent years.

Situated in Waipa Valley, the sale is believed by local farm sale agents to be a record.

A consortium of investors with a track record in dairy farming has purchased the farm with the intention of using it for dairy support.