Sources in the region have told FarmOnline that frustrations with the stalled vegetation law reform process, in which farmers have been banned from clearing land in the largely undeveloped region, was behind the decision to offer the property.

Tipperary is owned by one of Australia's richest barresters and noted Victorian wool producer, Allan Myers QC.

It is considered the blue-ribbon property of the district, featuring a mix of both grazing and cropping country in the highly fertile region.

However, just last month staff were served with orders to cease clearing on the property, as they were allegedly in breach of the moratorium's guidelines.

Tipperary was at the centre of another controversy in 2003 when former owner Warren Anderson was accused of failing to care for his collection of rare animals in the zoo which once stood on the vast property.