MOUNT Elephant station, near Derrinallum in the Western District, has been bought for more than $20 million by a Swedish investor.

According to local media reports, the Baillieu family's 3310-hectare showcase property was bought by Swedish Count Carl Gustav Wachmeister.

The transaction is the last in a long ling of big sales for the district of Derrinallam.

Just over a year ago, US-based Westchester Group purchased nearby Pircarra for more than $10 million. Westchester paid close to $20 million for Glenfine Station at Skipton in 2008.

The sale of Mount Elephant is believed to be the biggest since then.