Banoon, Nathan Tinkler's Monegeeta property, up for October 31 auction

Banoon, a 385-hectare property near Woodend, an hour northwest of Melbourne, will go to October 31 auction as part of the Nathan Tinkler disposal.

Nathan Tinkler paid $3.63 million for Banoon in 2008.

The 120 Joyces Road, Monegeeta property is being marketed by Keatings Real Estate as an "excellent opportunity to secure a rarely available large inner country very versatile lifestyle property."

At the end of its mature oak tree entrance driveway, there is a rambling five bedroom 1910 weatherboard homestead. The property has Deep Creek frontage.

Its farming Zone (FZ1) come with subdivision potential into minimum lot sizes of 40ha (100Acres) subject to council permit.

There were ambitious $5 million hopes for the property on its 2010 listing.

Estate agent John Keating told the Australian Financial Review he expects that it will probably sell in the vicinity of $2.1 million to $2.3 million.