There will no bargain for Ric Stowe's sprawling Devereaux Farm in Bullsbrook, as it has been withdrawn from sale and an auction scheduled for Wednesday cancelled.
The 2,470 hectare property was originally expected to be snapped up at auction two weeks ago for around $50 million, well below the original $68 million asking price.
Garland International principal John Garland confirmed receivers from PPB Advisory had withdrawn the property from sale, but said the reasons for doing so remained confidential.
"Our agents have been in touch with interested parties including parties who were flying in from London, Kuala Lumpur and Singapore," Mr Garland said.
"There has been disappointment expressed, but ironically there has been a bit of understanding."
The sale of Devereaux Farm was to be the latest in a string of asset sales from the portfolio of Mr Stowe's failed coal empire, the Griffin Group.
The group's coal mines in Collie sold in March for $750 million and its Bluewaters power station, also near Collie sold in April for an undisclosed sum.
