Pangaea Resources rich lister Paul Fudge lists thoroughbred stud for $35m

Resources multimillionaire Paul Fudge and his wife Angela have put their prized Southern Highlands thoroughbred stud, arguably one of the best developed of its kind in the country, on the market for $35 million.

Bong Bong Farm is set on the 97-hectare consolidation of five Moss Vale properties amassed over 13 years, and is home to their state-of-the-art stud Waratah Thoroughbreds with its extensive infrastructure for up to 100 horses, four large-scale barns, parade ring and a turf and sand training track.

“Angela and I are very proud with what we have created but it is now time for us to hand the reins over to a new party to commence the next chapter at Bong Bong Farm,” said Mr Fudge in a statement on Monday.

Ill health has forced the Fudge family to list the property, with an expressions of interest campaign to run until June 2.

Fudge is the low-key founder of Pangaea Resources, which sold a coal seam gas tenement in Queensland for $660 million in 2009 to Origin Energy, propelling him from relative obscurity to the rich lists.

The Woollahra-based Fudge, who is worth an estimated $684 million  according to last year’s Financial Review Rich List 200, has been selling down his other investments recently, including an 82 per cent stake in Pangaea for $55 million to Empire Energy and a harbourfront apartment in the Pier at Walsh Bay for $4.79 million last July.

“It is difficult to comprehend the enormity and scale of investment until you have physically visited the property,” said Bong Bong Farm’s listing agent Jamie Inglis, of Inglis Rural. “The Ladd-Hudson designed stables, Paul Bangay gardens and overall attention to detail, high-level of finish and spectacular scale make it one of the best complexes in Australia with every possible investment in technology, buildings, accommodation, civil works and amenity.”

There are five main residences on Bong Bong Farm, including the main homestead, a four-bedroom farm manager’s house, a racing manager’s residence, two-bedroom cottage and staff quarters.

Among the facilities are a turf and sand training track, hyperbaric chamber, equine spa, six-horse water walker, training treadmills, two indoor arenas, mounting yards, pool and a lunging yard.