It is believed to be the highest price paid for a Tasmanian rural property since Bert Farquhar paid a record $10.1 million in the late 1980s for Rushy Lagoon, a 10,000ha farm in the State's far North-East.
More than 100 people at Launceston's Grand Chancellor hotel saw bidding open at $5 million and move rapidly to more than $6 million.
The losing bidder was another North-East property owner, Michael Hirst, a nephew of the vendor David Hirst, who had hoped to keep Bowood in the family.
David Hirst, whose family has held the property since 1933, was happy with the outcome.
"It was a good result - I was expecting about $7.5 million," he said.
Mr Creese, who lives on West Wyambi near Tomahawk, is a major potato grower with interests in three other properties - West Wyambi, Clovelly near Bridport and Boobyalla Park.
However, he said there were no plans to grow potatoes on Bowood, which would be developed as a more intensive livestock operation.
"We paid more than I thought we would have to but you have to meet the market price," Mr Creese said.
He and his wife Jane will move to Bowood early next year.
Mr Creese said he did not buy the property for its heritage value but looked at it as a farming enterprise.
"That doesn't mean the heritage isn't important but it's not why we bought it," he said.
Bowood, 10km south of Bridport, was originally granted to Peter Brewer in 1838 and the homestead was built by an ex- convict carpenter and a seaman stonemason in 1844.
Bowood's angus herd of 400 and its merino sheep flock were not included in the auction.