British billionaire Joe Lewis increased his shareholding in AACo to just over 50 per cent this week through Tavistock and AA Trust, raising questions about whether the Foreign Investment Review Board was notified and whether a foreigner should control so much land.

The 50.07 per cent stake is worth $565 million on current share prices and Lewis, a tax exile from the UK, holds his stake in the Bahamas.

He made a name for himself when he successfully teamed up with George Soros to effectively bet against the pound.

He also owns one of the world’s biggest super-yachts, and is the owner of English Premier League side Tottenham Hotspur.

Joe Lewis’ $160 million superyacht AVIVA. (Image: Youtube)

Prime Minister Anthony Albanese also has his concerns about Lewis’ growing portfolio in Australia.

“A purchase such as this is substantial and that requires examination under the regulations that are in place,” the Prime Minister told Perth radio.

Federal Agriculture Minister Murray Watt said foreign investment played an important role in Australia’s agriculture sector.

“We welcome investment that is in the national interest,” Senator Watt said.

“In assessing applications, the government always carefully considers Australia’s best interests.”

Queensland agriculture Minister Mark Furner said the Palaszczuk Government had worked hard to ensure agriculture is an attractive investment in Queensland, and he was pleased to see that investment continuing.

“We have a good working relationship with AACo as an important agricultural operation, exporter and employer in Queensland,” he said.

“Agriculture remains an essential industry in Queensland and ongoing investment in the sector says positive things about the industry’s prospects.”

AACo also has another billionaire on its register, Andrew “Twiggy” Forrest, whose investments in Queensland are growing with the development of hydrogen and wind farm projects in the state.

AACo has yet to comment on the acquisition and the Federal Treasury, which controls the FIRB, has said this morning that it was investigating the issue.

The most recent report into foreign ownership of Australia’s agricultural land in 2021 showed that it now stood at 14 per cent, up from 11 per cent the previous year.

Lewis’s private equity company Tavistock has vast holdings across the world including real estate, restaurants, UK football club Tottenham Hotspur and hotels. It has been estimated he owns about 200 companies across the world.

The AACo portfolio includes foodlots and properties like the Canobie Station, near Cloncurry, Carrum Station and the Dalgonally Station, both near Julia Creek, the Avon and Austral Downs station which spans the Queensland-NT border and the Goonoo farm and feedlot near Emerald.