The Gold Creek Homestead in Ngunnawal that was for sale via tender earlier this year is no longer on the market.
The ACT government called tenders for a new owner for the homestead and surrounding block with plans for the land to be used for aged care.
But the Suburban Land Agency removed the homestead, block 109, section 23 at Ngunnawal, from the market to "provide more time to work towards a better balance of social and financial benefits for the ACT community".
In March, the government called for tenders to build 160 residential care beds and 30 supportive dwellings in a retirement village on the more than 140-year-old homestead that sits on a 4.8 hectare block and is bounded by Gungahlin Drive and Monty Place.
The tender process was meant to close on June 7 and a decision made in July.
Suburban Land agency chief executive John Dietz said the future of the block would be considered by the government over the coming months. He said the decision to remove it from the market was a "positive outcome".
"The Suburban Land Agency is firmly committed to finding the right balance between social and financial benefit when developing land in the ACT,"M r Dietz said.
"It is important that the future of this site is able to strike a balance which considers both social and economic benefit for the community."
Mr Dietz said the agency had been contacted by a number of parties who wanted to see the homestead maintained but said they would not be making submissions to the ACT Heritage Council but encouraged others to.
“A solution which provides Canberrans with an optimal outcome is the priority of the Suburban Land Agency," he said.
"The Suburban Land Agency is committed to engaging our stakeholders, industry and the community to establish the best outcome for the Ngunnawal site."
The Gold Creek Homestead was established long before Canberra was named the capital of the country and had been sitting vacant for a number of years.
The land was bought by Anthony Rolfe for his son Edmund in 1872. It grew wheat, merino sheep and beef cattle.
In the late 1970s the homestead was redeveloped as a reception and function centre. It hosted about 7000 wedding parties.
The main homestead building and 41 hectares of surrounding farmland was sold to the ACT government in 1998.