The Fairfax family's country estate known as the Knoyle House, is on the market in Burradoo.
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The property which was built in the 1880s, along with other outer buildings, have been up for sale for a couple of months.
Principal of Dunne Southern Highlands in Bowral Sandie Dunne said there were many possibilities for future owners.
"You could have the beautiful estate with the extra privacy as the main residence," she said.
"The other use one might consider is a small hotel."
The future owners would also acquire a former school house with four bedrooms and bathrooms, a four-bedroom building that was a former mews stable, a gardener's cottage and a section of a former nunnery.
The historical charm of the buildings have been preserved, but have been modified to include modern features such as air conditioning.
Ms Dunne said the land could be subdivided.
"It's just very unique and so big," she said.
The principal said that another section of the nunnery recently sold for $5.1 million.
The primary residence which is heritage listed, was designed by London architect Maurice Adams for Charles Fairfax.
The former school house was built to house and educate students of Kincoppal-Rose Bay.
Future owners will also discover a wide variety of century-old trees, full arch canopies and historic plantings in the irrigated garden.
The property shares architectural elements with the other former Fairfax estate known as Elaine, which is situated on Sydney harbour.
The address is available upon request.
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