It has been bought by veteran property developer Roy Medich for $8.556 million.

The 429-hectare South Terrace property, located 40 minutes south of Goulburn, has an 1840s mansion house with a dining room that can seat 24 guests and is served by a commercial grade kitchen.

It also boasts seven bedrooms and seven bathrooms.

Last October, after thirty years of ownership, it was sold on deferred settlement terms.

Sheehy, who planted 15,000 native plants to create a natural border and windbreak, bought it from businessman Robin Nisbet in 1992 for $850,000. About two years ago, Nisbet knocked back $1.1 million.

Sheehy uses the 26 paddocks and 14 dams to run the Limoges Limousin breeding farm, which raises around 300 head of cattle.

Their grazing land is suitable for both cattle and sheep, benefiting from their twenty-year grazing improvement programme.

The Sheehy's recently offered 400 pieces of furniture, fine art and library pieces, including French furniture and Huguenot silverware. One of the more expensive items was a copy of The Herdsman's House in Australia, published in 1914, which fetched $1500.

The last major sale at Lake Bathurst was in 2015, when the eight-bedroom Georgian home St Clair, located on the 476-hectare Bunga Labe estate, was sold.

The house was built by Captain Fred Badgery in the 1880s before passing into the hands of the Maple-Brown/Faithful and Crace families.

It was on the market for 600 calves in 19 paddocks, increasing to 800 in the spring when it was sold by Peter and Maggie Mullins. He is the former chief executive of Greenpeace and Maggie is an official in the Ministry of Defence.

The property, which has 28 dams, was bought by the Stewart family.

According to PropTrack, the median house price in Goulburn is A$615,000, up 8% in the last 12 months.