One of Victoria's largest rose gardens listed for sale at Mt Eliza's Kimderella

The historic Morning Star Estate in Mount Eliza on Victoria's Mornington Peninsula has been listed with $30 million plus hopes.

The 63-hectare property with vineyards, orchards and olive groves that overlook Port Phillip Bay last traded more than two decades ago.

It has been listed by Judy Barrett who turned it into a boutique 20-room hotel with conference facilities and a restaurant, run by her family.

The property featured in the Kath and Kim movie, Kath & Kimderella. The property has 12 hectares of pinot, chardonnay and cabernet grapes

A standout feature are the 75,000 rose bushes – one of the largest collections in Victoria.

It was once Nick Columb's horse stud until sold in 1993 for around $2.25 million.

Stretching from Nepean Highway to the sands of Sunnyside Beach, the property that features an 1860s mansion is being marketed by CBRE with a development permit for a 72-room hotel.

Last September, New Zealand's Ryman Healthcare, a retirement village operator, bought the nearby Mount Eliza Estate from the University of Melbourne for $37.5 million.