Bidders from the Southern Highlands and Sydney metropolitan area attended on the day as well as former students and neighbours.

The property was not sold under the hammer and agents received advice from the Department of Education and Training (the property's vendor) to accept written offers.

Ray White Bowral and Moss Vale agent Lynda Sutherland said she was "elated" to be a part of the sale.

"It's the listing of a lifetime," Ms Sutherland said.

"To take a walk through the building is to relive history."

Prior to the auction, the listing attracted significant interest with more than 43,000 views online, 30 contracts sent out prior to the auction and about 200 groups for prior viewings.

Interested parties suggested a variety of possibilities for the future including turning the five acre site into a repurposed school, wedding venue, a garden centre or a craft store.

One former student Anne Elbourne said she hoped the new owner reopened the site as a school.

"I was very sad to see it closed and up for sale," Ms Elbourne said.

"It was a great school and I made fond memories here,"

"It was like a big family - I remember playing cricket with the teachers at lunchtime."

Any improvements or additions made to the property must be approved by Wingecarribee Shire Council.

Written applications can be submitted to Ray White Bowral by Thursday, May 4 at close of business at 5pm.

Interested parties are welcome to contact Lynda Sutherland on 0499 614 609 or Greg Wall on 0427 887 429.

Ray White Bowral is located at 6/341 to 345 Bong Street, Bowral.