SEFTON Estate, at Mt Macedon is on the market and is expected to sell for about $12 million.

The 8.8ha property was listed for sale with a reserve price of $4.62 million in 2005 and sold for a Victorian record price of $8.17 million.

Sefton Estate was established by the Baillieu family in 1907 and has since been home to high-profile people including entrepreneur John Elliott.

It has most recently been associated with Wallace Cameron, former chief executive officer of pathology company the Gribbles Group.