Marketing agent Mike Barry from Shepherdson and Boyd said the 8181-hectare (20,126 acre) property was subsequently sold for an undisclosed, higher figure.
Glencoe was offered by the Connolly family. The buyer was well-known Central Queensland cattle producer Cameron McIntyre, Mount Mt Booroomen, Moura.
At the passed in figure of $5.5m the sale is equal to about $672/ha ($273/acre).
Four of the eight parties which registered to bid were active at the auction in the Eidsvold Bowls Club.
Glencoe is estimated to carry 700-800 breeders with progeny to 18 months.
Located 75km north west of Eidsvold, Glencoe is described as quality, gently undulating open forest running to more timbered areas. The bottle tree scrub country grassed predominately with buffell with Rhodes grass and green panic. The property is currently carrying a heavy body of feed.
Glencoe is very well watered by the Glencoe Creek, seasonal watercourses, 10 bores supplying tanks and troughs, and six dams.
The property is fencing into 13 main grazing paddocks and nine holding paddocks.
Improvements include a three bedroom home, cottage, sheds, timber cattle yards, stables and saddle shed, a 500 head feedlot, a 500m airstrip.
The marketing agents were Mike Barry and Vince O’Brien from Shepherdson and Boyd.