The Earl of Stradbroke's rural property, Mt Fyans in the Western District of Victoria is set to be sold for about $34 million.
The mooted buyer is Harmony Beef and Cattle, a company ultimately owned by the major Chinese group He Sheng.
The Mt Fyans aggregation covers 5900 hectares amassed over 25 years by the Earl, Keith Rous.
It carries a Black Angus herd of some 2800 breeders and 2000 sheep for prime lamb production.
Its eight bedroom historic homestead was built in the mid-1880s on the back of success of the Geelong brewery.
In 1883 William Cumming commissioned Warrnambool architect Andrew Kerr to design the elaborate homestead, which was completed the following year. An earlier homestead, and woodshed, had featured in a Louis Buvelot painting held by the National Gallery of Australia.
One of the largest farms in the Western district of Victoria, Mt Fyans at Dundonnell was offered last year on a walk in walk out basis.