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.
Viola died in December 2012 and ownership reportedly passed to daughter, Olivia Hallman.
Property records show the island is owned by a company called Pepin Island Sheep Station Resort, whose sole shareholder is Olivia Hallman.
The Companies Office lists Hallman as having a New York City address.
