The price paid for the premium 221,408 hectare pastoral lease is $30-35 million.

Last week media reports condemned the sale process as a consortium of Aboriginal parties, including the Yi-Martuwarra Ngurrara Native Title group, submitted a bid of $25m which was rejected.

It's understood the group intended to use the lease for sustainable development and a tourism business.

Elders pastoral specialist Greg Smith said the vendors were flexible with the price but the indigenous group's bid was too low.

"We asked the group to increase their offer and they said they didn't have the access to more funds and there was also a question as to how long it would take them to access the funds they already had," Mr Smith said.

"The vendors were prepared to compromise on the price but not by 20pc.

"At the end of the day, my job is to achieve the best price possible for the seller and the sale of this property has been entirely commercial.

"The two leases are run as one operation as Jubilee Pastoral Company, which is co-owned by Keith and Karen Anderson and United States billionaire and philanthropist Edward Bass."

The offering is regarded as a top quality pastoral operation that has been well managed by the Andersons, with Mr Anderson being a highly regarded cattleman in the Kimberley.

The properties have a combined capacity of 11,000 head, with about 11,500 Droughtmaster cattle, 39 working horses, five broadmares and five pensioners, plus plant and equipment included.