The 35.961ha property, which runs along Lake Dunstan from Burn Cottage Rd, near Cromwell, to Lowburn, sold at public auction last Friday for $4.625 million, or $128,611.55 per ha.
The property had an original homestead and "modest-sized" woolshed but was otherwise undeveloped land.
It was sold after "spirited bidding" to an offshore buyer, who was a New Zealand resident, Edinburgh Realty Cromwell property consultant Mike Elford said.
He declined to identify the buyer.
The property, which was in land zoned rural resource area, was a deceased estate from the McGregor family, who were originally from Dunedin, Mr Elford said.
He said he could not release the recent sale prices of other large areas of rural land because of commercial sensitivity, but the Cromwell property had "probably" set a record, "as we understand it".
However, the property did have "some special characteristics" which had affected the price, including its proximity to Cromwell, and its lake views, Mr Elford said.
He said there had been considerable interest in the land, including from those with plans for horticulture or viticulture or land development.
About 75 people had attended the auction and most of the bidders had been New Zealanders.
Mr Elford said it was "hard to know" if the sale would boost other property prices in the area, as the property was "probably one of the last pieces of land of its type".
He said at this stage the purchaser was "holding the land"
