Yarrowee Manor, the Lower Plenty mansion where Prince Charles and Lady Diana partied in the 1980s, has been listed for sale for $6.5 million.

It was the longtime home of the late Victoria Racing Club chairman Hilton Nicholas, an heir to the Aspro pharmaceutical business.

Nicholas bought Yarrawee after returning from London in the 1950s. He paid £35,000 to Dr Waldron Davenport.

Nicholas ran cattle, cut hay and played polo in the grounds.

There's still eight fully fenced paddocks and stable accomodation for five horses on the property.

The American Colonial style house at the end of a tree-lined driveway was designed by architecture firm H.W & F.B. Tompkins.

It has six bedrooms, four bathrooms, a wood-panelled study and a media room.

A formal lounge features a built-in pub styled bar and open fireplace.

It is surrounded by 8,090 square metres of landscaped gardens created by garden designer Edna Walling. 

On the property is a mod grass tennis court, a heated stone swimming pool, a pool house with spa, sauna and barbecue and a professionally equipped kids playground.

Yarrowee stayed in the Nicholas family before being sold by Nicholas's widow, Marjorie Nicholas, for $1.3 million in 1998.

This article was first published in the Weekend Australian.