The 154.1 hectare property at Illaroo, in the Shoalhaven region of NSW, was owned by Sir Sidney Nolan. As if to underline its cultural worth, its adjoins the Bundanon Trust property of Arthur Boyd, his brother-in-law.

Integrity Real Estate director Peter Russell said the property, west of Boyd's Bundanon and Riversdale properties, is a "rare offering".

"Seldom do we get an opportunity to offer such a magnificent-sized acreage, but even more so when it has been owned by such an influential person - Sir Sidney Nolan," he said.

Nolan was one of Australia's leading artists of the 20th century and eventually married Boyd's younger sister Mary.

He also owned the property Eearie Park, next to his brother-in-law's Bundanon and Riversdale properties, which today are all part of the Bundanon Trust.

"It is certainly an unparalleled opportunity, to not only purchase part of Australia's art history but also a tremendous tree change lifestyle," Mr Russell said.

He said the property is only 15 minutes drive to North Nowra, and is "one of those properties that you will only see once in a lifetime."

"It is a large parcel of vacant rural land and bushland. Under its zoning, building is permitted subject to council approval." he said.

"We had the honour of selling some land and a property for the Boyd family at Culburra Beach in the 1990s so maybe that was passed onto the Nolans?

"This is again a huge honour."

Mr Russell said the vendors were particularly realistic and have expectations of around the million dollar mark - "but in today's market who knows what might happen and what price might be achieved."

Nolan (April 2, 1917 - November 28, 1992) was one of Australia's leading artists of the 20th century, working in a wide variety of mediums, his body of work is among the most diverse and prolific in all of modern art.

He is best known for his series of paintings on legends from Australian history, most famously Ned Kelly, the bushranger and outlaw.

Nolan's stylised depiction of Kelly's armour has become an icon of Australian art.

He is regarded as one of the leading figures in the Heide Circle, the Heide Museum of Modern Art in Melbourne. which included Boyd.