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Built in 1863, the pub is one of New Zealand's oldest hotels and has become synonymous with Speight's advertising campaigns, which often featured it as a part of a stereotypical Southern man hangout.
The hotel is one of the last remaining occupied buildings from the Central Otago gold rush days.
The 6229sq m property on four freehold titles was redeveloped and modified during the past decade and now includes a restaurant and upmarket hotel accommodation quarters.
The Cardrona Hotel is one of several Central Otago rural hotels either to come on to the market or be shut down during the past year.
Lauder's White Horse Hotel is for sale, as is the Poolburn Tavern and the Wedderburn Tavern went on the market in February.
The Lake Hawea Motor Inn and Hotel was advertised for sale in May and the Bannockburn Tavern was listed for $1.3 million in May 2009.
The Arthurs Point Tavern, near Queenstown, closed last September and is scheduled for demolition.
The Cardrona Hotel is for sale by a private treaty deadline of August 25 and is being marketed by Colliers International.