Sotheby's International Realty advertised Bendigo as a "unique investment opportunity" which was available for sale "as a whole or as different components", but owner John Perriam stressed he was not selling the whole property.
"Equity interest in the total property was considered by the family, but the potential remaining in taking Bendigo to another level, under family control, was agreed in our best interests," he said.
Bendigo Partnership now comprised several family entities, following the death of Mr Perriam's wife, Heather, 18 months ago.
"Bendigo Developments is the family entity that covers the balance of [the] entire wine sub-region not currently planted.
This sub-region is regarded as the newest and most proven and exciting in New Zealand.
We openly have asked for interests to become equity partners with us in this entity," Mr Perriam told the Otago Daily Times.
"Our pastoral conversion entity on Ardgour terraces will undertake a large irrigation development and again, equity partners may be involved and we have asked for expressions of interest."
Bendigo Station, which has a total freehold land area of 10,628ha, has been owned and farmed by the Perriam family since 1979. It has won national farm management awards and prizes for its merino wool quality, while its sheep have brought premium prices.
In latter years, Mr Perriam has tackled the rabbit problem by developing extensive vineyard holdings on land which could not be economically grazed by sheep.
Bendigo is a leading Central Otago producer of pinot noir wine, which is grown in privately-owned vineyards which have won international gold medals. It still produces some of the world's finest and most valuable merino fibre.
Successful international partnerships have been established for both products.
The two family vineyards - Chinaman's Terrace and School House - are a separate entity and along with contracted production, a limited amount of wine is made for the Bendigo label and sold by nearby Tarras Village. This entity also has a shareholding in Bendigo's flagship wine entity, Quartz Reef.
Bendigo was also the home of celebrity hermit sheep Shrek, who died of age-related illnesses this month after raising more than $150,000 for children's charity Cure Kids.
