The property had "immense lifestyle potential", with the remaining 3.2ha of land ripe for planting or development.
Planted by Two Paddocks in 1993, the vineyard produced its first vintage in 1997.
The company had since bought three more vineyards in Bannockburn and the Alexandra Basin.
Two Paddocks general manager Jacqui Murphy said the vineyard consistently produced some of the best fruit for the company.
The wine made from it had been internationally recognised, including being among a handful of New Zealand wines to receive 95 points in Wine Spectator, she said. Colliers rural and agribusiness director Ruth Hodges said such properties rarely became available.
There was potential for a new owner to earn income from the vineyard while enjoying an "idyllic"' rural lifestyle close to Queenstown, Hodges said.
Possible options for the property, which sits on one title inside the Gibbston character zone, included building a new home, subdivision, grazing, expanding the vineyard or some combination of those.
The vineyard had been certified fully organic since 2017.
Although its oldest vines were planted in 1993, it had had a staged replanting programme since 2008.
• The First Paddock is being marketed by deadline private treaty, closing on November 17 at 2pm, unless sold prior.