THE FARM that surrounds Pillar Rock, the namesake of Pillar Valley, is up for sale.
But whoever buys the farm will get more than just 109ha of land with a rock.

They'll become the new caretakers of a haunted waterhole and an indigenous landmark.

The owners are long-time Clarence Valley residents Wally and Shirley Clay.

"It's only the second time the farm has been sold in 100 years," Mr Clay said.

"But it's time to sell the farm now," he said.

The Clays bought the farm in 1993 and have always viewed the rock and the waterhole with great respect.

"The waterhole had always been known as the ghost hole around here," Mr Clay said.

In the early days of settlement, Pillar Valley Station was part of the huge pastoral empire of John Small. He employed a Chinese cook who disappeared without trace and is thought to have been murdered.

In an article published in The Daily Examiner on December 29, 1936, journalist Duncan McFarlane wrote about the ghost that was haunting the Pillar Valley waterhole. . 'At an early period in the history of its occupation a large clear pool of fresh water, attractively fringed by beautiful blue lilies, earned the reputation of being haunted by an apparition that for a time disturbed the harmony of the few residents of the immediate neighbourhood.'

. Mr Clay said a second death fuelled the mystery. A group of teenagers went swimming in the ghost hole, including a boy who could not swim.

"He went in and never came out," he said.

Mr Clay said he'd never seen any ghosts near the waterhole, but to be on the safe side, had not stepped into the haunted waters.

The ghost hole and Pillar Rock are linked to an ancient indigenous men's initiation ceremony that started at Jew Fish Point at Red Rock and finished near Tucabia.

Perched high above the farm, on top of Pillar Hill, the rock can be seen from the road leading out to Wooli. "Doesn't it look like it's been built? It's the emblem of Pillar Valley," Mr Clay said.

From the rock there are sweeping views of Glenugie Peak, the Clarence Valley, Bullock Gorge and beyond. The Clays have not lived on the farm but over the years restored the old farm house, run cattle on the land, cut timber and fenced the property.

After a lifetime of work, the Clays, now in their late 60s, are looking forward to a carefree future.

"At first I was sad that we were selling it, but then I thought, 'oh well'," Mrs Clay said.

Once the farm sells, the couple has grand plans to hit the highway and travel around Australia.

"We've got a camper in the shed and we want to go," Mr Clay said. "I figure every road has two ends so we're just going to go," he said.

"It's going to be exciting," Mrs Clay said, struggling to contain the big grin that spread across her face.