THE biggest property under the aborted Traveston Dam project is set to hit the market despite an expected loss of up to $12 million.

Bollier Park, a prized 973ha cattle estate, was purchased by the Government for $25.3 million in 2007.

Property experts say it would fetch between $13-16 million in current conditions.

In November, The Courier-Mail revealed the value of the remaining 472 Mary Valley government-owned properties had slumped from $449.5 million to $225 million.

The Office of the Coordinator-General, responsible for the long-term management and sale of the estates, is pushing on with a sell-off despite a poor start.

Only two properties have sold - at a combined loss of $253,000.

A spokesman for the Coordinator-General said a dozen - including Bollier Park - would go on the market in coming months.

"Bollier Park is being prepared for sale and a sales and marketing strategy is being developed,'' the spokesman said.
Agents were invited to tender for the marketing of the property.

A property insider said it appeared the large estate would be taken to the market as one parcel, although it was on several titles that could be sold separately.

"This is the biggest property the government bought and it is going to result in the biggest loss. They will be trying for about $18 million, but the market is probably somewhere between $13 and $16 million,'' the industry veteran said.

A financial bloodbath is expected to continue as estates are drip-fed on to the market.

The first bargain buy was a four-bedroom house on 6112sq m at 2105 Mary Valley Rd, Kandanga.

It was purchased for $352,000 in 2007 and recently was snapped up by a local investor for $255,000.

This lost Queenslanders $100,000 on the sale price, plus another $7500 in commission and $13,000 in renovation costs.

The only other sale was 157 Happy Jack Creek Rd, Ridgewood, a 5.5ha estate bought for $605,000 in 2007 and sold on October 17 last year for $450,000.

The Coordinator-General spokesman said negotiations to sell a further three properties were in progress.

"A diverse range of properties will be put to the market over the next 12 months, with the exact number dependent on local market conditions.''

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