St Andrews Beach Golf Course and Resort will be auctioned after failing to sell during the economic downturn.
Up for grabs is the recently reopened Gunnamatta course, a temporary club house and 20 apartments.
A second part of the property – land, comes permit-ready for another 18-hole course and club house.
It also allows for a 40-room hotel, 100 apartments and licensed commercial premises.
The existing Tom Doak designed course is leased for three years to Golf Services Management Group.
The property’s marketing agent, Knight Frank’s Michael Hede, said St Andrews Beach Golf Course on Sandy Road, is Victoria’s highest ranked pay-per-play course.
It is expected the properties will sell for a total c$8 million.
The property was listed for sale almost two years ago, the vendor then was an administrator.
It is now being offered by the Mortgagee in Possession.