Shannon Bennett's truffle treasure

As uncertain economic times push the price of precious metals to new heights, one of Australia's top chefs – Shannon Bennett – may have just struck gold – black truffle gold that is.

On the surface they might not be much to look at, but the unassuming fungus found at the roots of oak and hazelnut trees is indeed worth its weight in gold. In 2007, Macau's casino baron Stanley Ho paid $US330,000 for a 1.5 kilogram white truffle, a staggering $US6200 an ounce – gold is currently trading just shy of $US1360 an ounce.

But while the Alba Madonna truffle is a worth a king's ransom its equally distinguished cousin the black Prigord truffle has steadily developed a devoted following of growers in Australia.

Here they have found a happy home in the kitchens of the award-winning enfant terrible of the Australian fine dining scene Shannon Bennett, whose flagship three-hat Melbourne restaurant Vue de monde churns through around a kilo of black truffles every week.

Like most restaurants around the country the majority of truffles used in his kitchens come from overseas. But Bennet told Business Spectator he is hoping to break free of that dependence with work under way to get his very own truffery up and running at the heritage-listed Burnham Beeches Estate, situated in the fern glades of the Dandenong Ranges in Victoria.

Bennett says that as an ingredient the exclusivity and the flavour qualities of truffle are unparalleled, and exemplifies the restrained opulence of the dining experience that he strives to provide. Bennet reckons Australian Prigords are on par with anything dug out of the old world and this affection prompted him to start his own five-acre venture last year.

He is confident that the truffle farm will allow guests at his boutique five-star hotel, currently under development, a first-hand experience of truffles in season and play out their dreams of living the life of a trifolau – a professional truffle hunter.

In a way, Bennett's play is well timed. The rampant success of MasterChef has sprung forth an army of urban gourmands with interest in exotic ingredients.

"I want you to go out with the dogs in the morning, go grab yourself a truffle, go and get some eggs from the chook pen up the road, come back and either we make you an omelette or you make it yourself,” Bennet says.

But growing truffles is a lot harder than finding a clump of oak or hazel trees to start bedding down your own investment. Truffle farming is notoriously unreliable, expensive and, like a number of exotic agricultural investment schemes, fraught with danger.

While the appeal of tasty profits has enticed a number of mums and dads to hit the truffle trail in the past, the recent collapse of the managed investment scheme (MIS) sector has weighed on the industry, which still faces considerable hurdles when it comes to standardised harvest rates, marketing and grading.

To grow truffles commercially one needs a reasonable amount of land, at least four hectares to begin with. Then there are the prohibitive establishment costs in the order of $25,000 a hectare (not including land), according to Australian Truffle Grower's Association. Once you factor in the irrigation and ongoing maintenance costs – of around $2,000-$3,000 a hectare – a truffle farm can quickly become an expensive endeavour.

The other key consideration is getting in touch with the right people. Industry veteran Tim Terry warns that there are a number of operators out there who are more than happy to impart bogus advice for a hefty price and investors are better off partnering with experienced growers rather than experts who study the fungus under a microscope.

Bennet has tipped in around $50,000 for his farm and by his own admission has been burned before with investments in agribusinesses. But he is confident that having a truffery in the hotel outweighs the associated risks by a long way.

If successful, the inoculated oaks at Burnham Beeches should start delivering in five to six years and while the prospect of growing $5,000-$6,000 worth of truffles every week is tantalising, Bennet is more interested in bringing the farm to his guests' doorstep.