Bonnie's at Tallandoon had been home to the Alegria Poll Hereford Stud since 2009 with a dispersal held in October.

Former Albury Wodonga Health chief executive Leigh McJames, who already lives in the Mitta Valley, was the successful purchaser of the 186-acre property which sold for more than $12,000 per acre at the auction conducted by agents, Corcroan Parker.

"It was an immaculately presented property," agent Mike Weller said.

"It is a magic result."

The property was keenly sought after with three parties still bidding when it hit the $2 million mark with the reserve reached after just three bids.

Mr McJames was the chief executive officer of the cross-border health service for three years from 2016.

The property is divided into 14 main paddocks plus shedding, workshop, cattle yards and a four bedroom house.

The fertile Mitta River flats have a heavy carrying capacity in an area with annual rainfall of more than 1000 milimetres or 40 inches.

The main entrance to the property located near the Lockharts Gap Road intersection is off the Omeo Highway and is located less than 45 minutes drive to Albury-Wodonga.

The Alegria Poll Hereford Stud was operated by the Mills family.

It is estimated the property can conservatively support the equivalent of 90 commercial breeding cows and calves in an average season.