The Australian | 4 August 2026Obscure US buyer wins race for prized agricultural giant Paraway PastoralMore details of how a little-known Montana ranch investor outbid Consolidated Pastoral Company in the $3bn chase for Paraway Pastoral have emerged. As the process entered its final stages, only Terra Firma’s Consolidated Pastoral Company and Montana-based Ranchland Capital Partners remained in contention. The more intriguing question is how a relatively obscure Montana ranch investor came to outbid one of the more established names in Australian pastoral investment. Paraway Pastoral is one of Australia’s most significant agricultural landholders, spanning 4.4 million hectares across beef, sheep and cropping operations. The portfolio comprises 28 pastoral properties, including the iconic Cubbie Station, with assets also held in South America.