Kawarau River Station covers the northern slopes of the Remarkables and has only twice been on the market since World War 2.
Its northern boundary is a 14km stretch of the Kawarau River.
''I think for a lot of people to see such a huge block of land for sale right on the edge of Queenstown will be a real surprise,'' listing agent Bas Smith said.
The Ray White agent will not talk figures but it is understood the 1826ha property is expected to fetch well over $12 million.
Mr Smith said one of the valuable selling points was the station's private ownership.
''The majority of the high country in Queenstown now is either Department of Conservation reserve or is in pastoral lease.''
This farm was also in pastoral lease when Steve Laing bought it in 1995 but four years later, through a tenure review process, Mr Laing surrendered 1262ha of mountaintop to the Crown, including parts of the Remarkables Ski Area and Doolans Basin. He freeholded the balance.
Mr Smith said the station offered privacy close to busy Queenstown.
''There's a huge demand for privacy these days at the luxury end. There's no existing public access through the land, yet it is 15 minutes' drive from an international airport.''
The station has a well-formed internal road that was once the main gateway to Queenstown, which Laing opens up every Easter for the last stage of a popular mountain bike race.
It also has water access via the Kawarau River that connects with Lake Wakatipu and downtown Queenstown.
Mr Smith said there was development potential, despite the property's landscape values, ''because it is surprisingly unviewable from a lot of places''.
The farm once curled around the western face of the Remarkables. However, Laing subdivided off about 150ha in three blocks. A large house built on one of those blocks has been on the market for almost $9 million.
At the Gibbston end, the station has terraces identical to those growing some of Chard Farm vineyard's best grapes next door. There is also hydro potential from Rastus Burn and Owens Creeks.
Mr Smith said Kawarau River Station had profitably grazed cattle and red deer on 190ha of river terrace, and merino sheep in the high country.
There are 220 head of cattle and 450 breeding hinds and until recently there were 1500 merinos but the high land is being spelled.
- Phillip Chandler.
