Forrest buys back family land for $12m

Iron ore magnate Andrew Forrest has bought back his family's Pilbara cattle station, Minderoo, for $12 million at an auction in Perth today.

An Elders Real Estate spokesperson told WA Business News the auction took place at the Rydges Hotel in front of a crowd of around 100 people.

He said there were four bidders for the property before Mr Forrest won.

The station is described as one of the better cattle stations in the state with 226,585 hectares. The sale includes 10,000 head of cattle.

The Forrest family has owned the station since 1868 before it was sold in 1998 by Mr Forrest's father to the Murion Cattle Company.

The spokesperson said retirement was the reason behind the sale.