Today the spotlight is on the Balmoral homestead Kongbool, built around 1896, in western Victoria.

Like many of these famous homes of the Western District, Kongbool's stature as a grazing powerhouse has been whittled away.

These vast pastoral estates have been suffered over time by land sales or even soldier settlement schemes.

But the richness of its past can be seen in the restored eight-bedroom homestead, still running stock on its 190 hectares (470 acres).

Located on the south bank of Mathers Creek, this mansion was built to replace the original timber slab homestead called Congbool, built somewhere between 1842 and 1859.

As the name of the creek suggests, the land was first taken up by David and John Mather in 1842 but only for a handful of years after a tree apparently fell and killed one of them.

A section of the Englefield squatting lease, Kongbool (Congbool) was 28,000 acres and ran 8000 sheep.

Interestingly, one of the later owners of Kongbool was George Fairbairn who bought many leases and was reputed to be one of four Australians who owned one million sheep.

But it was another later owner, James Gordon Robertson, who commissioned architect Percival Richards from Ballarat to design the house which is now up for sale.

When built it was described as a "substantial single storey brick and stucco rendered mansion with ornate iron verandah, elaborate interior and multi-gabled roof forms".

Kongbool's colourful life continued through World War One with its purchase by Australian Farms Pty Ltd which settled Indian Army officers on the land.

A total of 25 officers were settled on 1000-acre blocks but the system failed and most soon left.

General Sir Neville Smyth, VC, DSO and Lady Evelyn Smyth from England bought Kongbool and lived there there until 1949 when they retired to Portland.

Various other owners followed and its fortunes rose and fell along with the wool industry.

Today Elders Rural Real Estate has been given the job of finding a new owner for the homestead.

No price range has been provided.

Those agents say the double-brick homestead has been "fastidiously restored".

"Kongbool presents a unique opportunity to acquire a property of great historical and architectural significance to the state of Victoria," Elders agent David Peardon said.

The historic homestead features eight bedrooms and four bathrooms, dressing room, grand entrance hall, lounge room, vast kitchen with two pantries, drawing room, dining room, billiard room, conservatory, extensive cellar and three sitting rooms.

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A large laundry also leads into a traditional bread oven with an original copper.

It has a well maintained garden with an inground watering system.

Plus there is also an inground pool, pool house and tennis court.

Externally the estate includes a five-car garage, five loose boxes and tack room which encompasses a sitting room, kitchen and bathroom.

The three-stand raised board woolshed has a kitchen and bathroom with roofed sheep yards.

Other shedding includes a buggy shed, machinery shed, mechanics shed, meat shed, original stables and even a pigeon shed.

The property has good fences with ample water and paddocks sown to perennial pastures.

Inspections by appointment only and expressions of interest close on August 8.

For more information contact Mr Peardon on 0408 528050.