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The cottage, near Arrow Junction, went on sale in the middle of winter and has an asking price of $475,000.
Earlier this year, cottage owner Chris Turnbull died, aged 91, and so the cottage was put on the market to share the capital around the family trust.
One couple who are beneficiaries of the trust, Jenny and Michael Turnbull, of Dunedin are sad to say their goodbyes.
The Turnbulls and the other three associated families had owned the cottage for more than 50 years and it had been their safe haven while bringing up their children, Mr. Turnbull said.
''It has been a real sort of family hangout."
Mr. Turnbull said her children, nieces and nephews had all felt a sense of ownership and it was a sentimental time for them.
''I'd love to keep it, but it's in a trust and we have to sell it."
Since the cottage was offered for sale there had been considerable interest but no buyers as yet, she said.
The cottage has a long history, dating back to the mid-1800s when Arrowtown first emerged as a goldmining town.
Although the Lakes District Museum did not know when the cottage was first built, its research shows Albert Scheib purchased the house in 1896 before heading to the Klondike, in Alaska, where he mined for four years. Upon his return, Mr Scheib had been in contact with a young woman who lived in Skippers Canyon and added on to the cottage for her to move in, Lakes District Museum director David Clarke said.
From there, Mr Scheib purchased a farm on Tuckers Beach and the cottage went through the hands of the Nelson family in 1913, then the Bowler family and the Ritchies.
Mr. Helen Ivy Ritchie brought up six children in the cottage before it changed hands again and the Turnbulls purchased the land in the 1960s.
The cottage is associated with the goldmining village of Whitechapel Rd.
Mr Clarke said the area was very much a wealthy part of Arrowtown and handy to the Arrow River.
''They called it little Denmark. It was quite a little rich scene from Whitechapel up the river."