$20 million plus expected by the Lipe family for Sorrento mansion, Nee Morna

The Sorrento beachside estate, Nee Morna has been listed for sale for the second time in around 100 years.

CBRE has been appointed to sell the property at 3106 to 3118 Point Nepean Road.

It has been listed by the Lipe family headed by New York-based banker, Alex Lipe.

It comprises a 1909 mansion built in 1909 positioned on a clifftop landholding spanning 16,866sqm.

The property, which is expected to attract interest above $20 million, consists of four titles.

CBRE's Mark Wizel has suggested in addition to residential, wider development opportunities such as an aged care facility, hospitality and/or some form of conferencing/business facility would also be logical outcomes for the property.

Offers close on Nee Morna Estate on February 28 with interested parties invited to acquire the whole of the estate or one or more of its individual lots.