Someone just paid more than $10 million for this racetrack near Canberra | Region Canberra

Pheasant Wood Circuit near Marulan has sold for more than $10 million. The 150-acre site features a 1.6-kilometre circuit and is described by the owner as a “complete lifestyle play.” The sale, announced on June 1, followed months of strong buyer interest since it was listed in December. Owner Steve Shelley spent millions upgrading the circuit, expanding from 1.2 to 1.6 kilometres, adding pit buildings, drainage, race-control and timing systems, and on-site accommodation. The property also includes bush trails for four-wheel driving, horse riding, mountain biking, several dams and a four-bedroom home. Shelley had previously bought One Raceway and has spent nearly $7 million on noise mitigation and upgrades there. He says the sale price above $10 million was needed to break even and he would not disclose exact figures.