Sotheby's International Realty lists the property as a successful farm combining grazing, orchard, pine plantations and discrete, small-scale tourism accommodation.
The island carries approximately 1900 sheep and 100 cattle, with the temperate climate and soil allowing all-year grazing.
Farm buildings include a woolshed, stockyards, multi-bay sheds, storerooms and shelters around the island.
There is also a large orchard with a wide variety of fruit trees, macadamia trees and olive trees.
The property boasts a seven-bedroom traditional weatherboard farmhouse. Photo / Sotheby's International Realty
John Bampfylde, agent for the property, said he has already had several people express interest in the island.
Pepin Island was bought for $2m in 1995 by German steel magnate Viola Hallman.
However, the purchase was shrouded in controversy and in 2003 the Overseas Investment Commission – who approved the sale to Viola on the basis that she would develop three luxury tourist bungalows for a farmstay resort – began investigating why this had not happened.
The farm manager, at the time, blamed resource consent issues as the reason for the tourism venture not happening.
