AN ESTATE that was used to film parts of the Lords of the Rings trilogy has sold for £10 million in New Zealand.

The only catch? The 14-year-old dog Bo who lives there has to remain there for the rest of his life.

A 650-acre estate used to film Lord of the Rings has been sold for £10m Credit: rwqueenstown.co.nz

The Arcadia estate, located near Lake Wakatipu on the South Island was used to film Lothlorien, the land of the elves in the film trilogy.

Sir Ian McKellen, who played Gandalf in Lord of the Rings films, even described it as his favourite place on Earth.

Across the 650 acres are bright blue lakes, vast woods as well as large mountainous peaks - perfect for the mythical lands - along with an 11-bed estate.

Lord of the Rings isn't the only film that used the location, as Hugh Jackman also filmed scenes for Wolverine there too, while The Chronicles of Narnia and even a Taylor Swift music video were filmed at Arcadia.

It has been owned by the same family for 80 years, having first been bought in the 19th century by Joseph Cyprian Fenn, a Cambridge graduate.

Arcadia was used as a filming location in the Lord of the Rings trilogy Credit: Kobal Collection - Rex Features

Fans will be able to spot the mountains that surround Arcadia in the films Credit: Kobal Collection - Rex Features

The New Zealand estate has been in the same family for 80 years Credit: rwqueenstown.co.nz

The condition of the land is that Bo the 14-year-old dog must remain at the estate Credit: 1news

It has been sold by the current owner to a local businessman in New Zealand Credit: rwqueenstown.co.nz

Scenes from Wolverine, featuring Hugh Jackman, were also filmed on the New Zealand estate Credit: Kobal Collection - Rex Features

Taylor Swift also filmed one of her music videos there Credit: YouTube

After fleeing the UK when his fiancee fell in love with his father, he bought the land which is next to Mount Aspiring National Park, to live on himself.

It was then bought by the parents of Jim Veint, 83, after the Second World War, and has remained in his family ever since.

However, he has since decided to sell after his partner suffered from a stroke last year, wanting to be nearer healthcare services and felt it wouldn't be fair to choose which of his five children to give it to.

He told local media: "I used to think I was the luckiest kid on earth living here and I have been here virtually ever since."

Owner Jim Veint decided to sell after his wife suffered from a stroke last year Credit: 1news

Sir Ian McKellen, who played Gandalf, called it his favourite place in the world Credit: Kobal Collection - Rex Features

The land includes bright blue lakes, forests and an 11-bed property Credit: rwqueenstown.co.nz

It has also been used for films Wolverine and The Chronicles of Narnia Credit: rwqueenstown.co.nz

However, the land is most famous for being the land of the elves in the fantasy films Credit: New Line Cinema

He added that he had never thought to retire earlier as "things weren't difficult and it was a pleasure to get up in the morning and keep going as long as I could".

However, he made the decision to ensure Bo, a Huntaway working dog lived there even while he left.

Jim explained: "I could never take him away from here now."

Thankfully the local businessman who bought the land agreed, with the old dog staying there until the end.

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Many of the scenes in Lord of the Rings were filmed in New Zealand, with the land of Hobbiton now a tourist attraction.

ALso to be filmed there is the new Lord of the Rings TV series, with a budget of a reported $1billion.

Here is everything to know about the new Amazon Prime series, which hopes to air this year.