Former Melbourne home of collapsed wedding reception venue, The Willows, for sale

The former Melbourne home of collapsed wedding reception service The Willows has hit the market with $9.5 million expectations by the landlord.

The venue manager Lewis Hospitality Management, the previous tenant at 462 St Kilda Road, went into liquidation in June when 64 couples were collectively left more than $300,000 out of pocket, The Age reported.

Constructed in 1890, the heritage-listed building, known as Rathgael, was built for bookmaker Leon Cohen as 16-room brick house.

The listing agents suggest the 987 sqm site would be attractive as offices, retail, and hospitality or for further development, subject to council approval.

It is one of very few mansions remaining that shows the extravagant prestige of the era.

With a seven day, on-site liquor permit, the freestanding property has an outdoor area fronting 29 metres of St Kilda Road, as well as a commercial kitchen.

The property is being marketed through a public tender campaign, closing November 29 through co-agents Colliers International and Allard Shelton by its owners, the Aswani family, which has held it as an investment asset for 20 years.