Selling agent Jock Langley, director of Melbourne-based Abercromby's Real Estate, said the luxury 1012 hectare estate was without peer in Victoria.

It was officially listed for sale this week after the agency had been receiving expressions of interest since late last year.

"We have been fielding inquiries from right throughout Europe, the Middle East, Asia and the rest of the world," he said.

"As a lifestyle property, it's hard to beat. Our view is it could set a record for a Victorian rural property. I haven't seen anything like it anywhere in the country."

Larundel's stately nine-bedroom, six-bathroom homestead was constructed in the 1870s by estate founder AAA Austin and has undergone many years of painstaking restoration to return it to its former glory.

Mr Langley said no expense has been spared in the internal restoration, which had been done under the expert guidance of internationally acclaimed interior designer John Coote, who has been at the helm of a number of notable English manor restorations.

He said the present owners, Paul and Gabrielle Peat, have put much work into the property since purchasing it six years ago, but planned to downsize.

More than 20 hectares of meticulously planned gardens designed by renowned landscape designer Paul Bangay frame the home, which comes complete with a helipad and private hangar in the Docklands, an airstrip, a 4000 bottle wine cellar, a polo field, croquet lawns, a tennis court and creek access.

Originally a large-scale fine wool production property, the vast grounds are now used predominantly for cropping and grazing.

Mr Langley said although the property had been informally offered for sale since late last year, the owners had decided the time was now right to officially list it.

"From a timing perspective there is not a better time than now, there's a real focus on country properties still from foreign investment and there is a real shortage of good rural properties available in the country," he said.

"Interest thus far has been terrific, so we would be expecting it to sell for somewhere between 18 and 20 million

"It could be a local (Australian buyer) but we are of the opinion the purchaser will come from abroad."

Expressions of interest for Larundel close on November 27.