Artist John Olsen's Southern Highlands home remains listed

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The NSW southern highlands home of artist John Olsen and his wife, Katherine, didn't sell at its mid-week auction.

Owlswood, the 13-hectare Glenquarry property had initial $4.25 million hopes, but then the Olsens then lowered their expectations to about $3.5 million.

Since buying the property for $925,000 in 1999, they have added two wings to the original house. They also built a two-storey gallery and a studio designed for John to paint large canvases.

The Sproules Lane setting comes with a homestead and separate cottage, a pool and tennis court on 13 hectares. It comes with groom's quarters, 10 stables, open and covered arenas, given Katherine is a keen horsewoman.

Two former aircraft hangars were converted to stables. The four-hectares gardens that surround the house come with a tennis court, pool and ornamental lake.

The four-bedroom property is eight minutes' drive from Bowral township.

The Olsens are selling it because they're downsizing to Hidden Lake, an eight-hectare Avoca property secured about 18 months ago at $1.4 million from a former Bowral retailer, Mal Kirk. It comes with a Canadian-style fishing lodge that the Olsens have renovated extensively.

Owlswood remains listed through Drew Lindsay at Drew Lindsay Real Estate in conjunction with Michael Maloney at Richardson & Wrench Bowral, who will seek private treaty offers.