The 10.12ha block at 42-52 Stotts Lane borders housing estates but has rural conservation zoning not yet approved for development.
But with surrounding blocks turned into housing over the years, it’s a landbanking opportunity with a mega pay-off if zoning is changed, Ray White Frankston director Ashley Weston says.
The five-bedroom house has a large garage and huge barn.
The allotment, comprising a large five-bedroom house and grounds once used as a hobby farm, is listed with a $5.8-$6.38 million price guide by long-time owner Lou De Cata.
He paid just $132,000 for it in 1986.
The retired commercial builder designed and constructed the large family home in the 1980s, once grazed cattle and also kept ponies and even ostriches.
The block links up with the popular Tahnee Lodge housing estate and would suit as a lifestyle home with room for a hobby farmer, Mr Weston said.
It is the largest allotment along the stretch of road, with neighbouring blocks also tightly held and owners waiting for the land to be rezoned.
“This semirural offering is a rare chance to keep horses or establish a hobby farm, while future urban growth could make this profitable,” Mr Weston said.
The L-shaped parcel has a winding driveway, modern house with quality finishes, partially covered inground pool and spa, tennis court and a barn with self-contained accommodation.
Meanwhile, a nearby smaller block of 5.28ha at 86-88 Stotts Lane recently set a new suburb price record of $9.75 million.
The allotment, which has residential zoning, is expected to be developed into housing blocks by the new owners, Pask Group.
That property was listed in March last year with another agency but finally sold this February with Ray White Land Sales.
There are plans to develop between 42 and 48 housing blocks with prices expected to range from $600,000 to $700,000 per lot.
The previous record sale was for 24-28 Moorooduc Highway, which netted $9 million in 2013, sale records show.