Timber company KPT has sold its last remaining tree farm on Kangaroo Island.

Kangaroo Island Plantation Timbers had announced on 28 June 2013 that it would dispose of three properties on the Island (KI) and return them to use as traditional agricultural farmland.

In November it sold the first property, St Andrew’s, followed in December by the sale of the second, Vinkepas.

“The company now announces that it has concluded an agreement for the sale of the third property, Thistleton’s, in the Gosse district of KI, for $450,000,” it said today.

“Final settlement of the sale is scheduled to occur at the end of March and, as a perpetual crown lease, is subject to Ministerial consent.”

The consent will have to wait for the state election and formation of a new government.

Thistleton’s is a mixed species plantation, established for carbon sequestration purposes, whose trees are of no foreseeable commercial value as timber.

KPT said the purchasers are KI residents.

“They have informed the company that they intend to leave the trees standing.”

The Thistleton’s sale price represents 68 per cent of the property’s carrying value in the company’s interim report.

“The directors consciously reduced the asking price in order to secure a quick settlement, in advance of the settlement of the company’s previously-announced Smith Bay purchase,” the announcement said.