The saga started when Woman's Day published a story that author J.K. Rowling was the new owner of a $10 million home in Tasmania's North.

Before the magazine barely had time to hit the stands, the story was repeated by media outlets all over Australia - much to the amusement of the actual owners.

Stephen Creese is the managing director of farming business Clovelly Tasmania, which bought the 181-year-old farming property Symmons Plains in March.

He is referred to in the magazine story, but his surname is spelt incorrectly as Cresse.

Mr Creese said the entire report was incorrect.

"I have no idea where that (report) has come from, and there is no truth in it," he said.

Clovelly Tasmania is a registered Australian business and does have some overseas investors.

However, not famous ones, according to Mr Creese.

"Certainly not J.K. Rowling. It isn't anyone famous, but because people have always known there's been overseas interests involved I guess that's where the rumour started," he said.

The magazine story also came as a surprise to the Youl family, who owned Symmons Plains for seven generations before selling it to Clovelly Tasmania.

"That's all news to us," former owner Andrew Youl said.

Symmons Plains is a 860-hectare property and Georgian mansion near Powranna in the state's North.

It was the fourth major property bought by Clovelly, which in 2005 bought the 1800-hectare Bridport property Bowood for $7.75 million.

Mr Creese lives at Bowood and said others had already moved into the house at Symmons Plains.

He said that the property was being used for cropping and livestock as well.

As for those rumours, the farmer will tell anyone who listens that they are all wizardry on someone's part.

"I'll tell everyone the same story, because it's the truth."

Rowling has made her billion- dollar fortune through the Harry Potter franchise.