Hunter Valley Station, which lies between Lakes Wanaka and Hawea, is being advertised for sale by owners Taff and Penny Cochrane.
It is understood the 6468ha pastoral lease property has been in the Cochrane family for about 40 years.
Southern Wide Real Estate agent John Faulks told the Otago Daily Times the couple, who have three children, had decided to sell the property for "succession" reasons.
Mr Faulks said a sale would allow them to put the capital tied up in the station to other uses, but could not be specific about the family's intentions.
The property has a Land Information New Zealand capital value of $13,250,000, including $1,480,000 of improvements.
Dwellings include a five-bedroom homestead, a cottage and shearers' quarters.
Also on the property are stables, haysheds, covered yards, a woolshed, 10 huts, four airstrips, 200km of fencing and 80km of vehicle tracks.
The property has 32km of lakefront.
It contains no freehold land and is not involved in the tenure review process.
It is capable of carrying 7590 sheep and 160 cattle.
In 2008, the Cochranes were in dispute with the Department of Conservation over access to the proposed Hawea Conservation Park next to the station.
The station earlier surrendered 16,000ha from its lease to be part of the 105,000ha park.
The Cochrane family could not be contacted last night.
