Matt Handbury, the executive chairman of Murdoch Media and Clare Strang, are selling their 259 ha Southern Highlands retreat, Wattle Ridge.
They hope the Hill Top offering will fetch $10 million plus.
It was 2007 when the late Reg Grundy set the Highland's record price, paying $15 million for the 200-hectare Comfort Farm at Sutton Forest.
The Hill Top estate is on the less glamourous eastern lip of the Southern Highlands bounded on three sides by the Nattai National Park.
About half the estate retains its natural vegetation with trails through the bush to the escarpment.
There is a six-bedroom homestead, completed in 1998 in the American Georgian style by architect William Zuccon and with interior decoration by Thomas Hamel.
It is surrounded by 20ha of irrigated gardens, lakes and lawn. The grounds come with an all-weather tennis court, heated pool, dressage arena with two stables and a three-bedroom cottage for guest accommodation.
As a working farm its is capable of carrying 50 breeding cows and horses.
The agents handling the sale, Meares & Associates and Christies International Real Estate, said Wattle Ridge was one of the outstanding rural estates on the Southern Highlands.