VICTORIA's largest privately owned man-made lake is for sale.

Popular tourist resort Lake Muratore, at Gilderoy, could be yours if you've got $12 million spare.

Joe Muratore, and his wife, Jocelyn, purchased the 130ha property in 1956 and in the 1960s constructed the 40ha lake, naming it after Joe's family name.

The property has made a name for itself as a popular tourist resort where guests can soak up the views, bush-walk, swim, canoe, sail and fish.

Selling agent Ranjith Panangala from Stockdale & Leggo said there was potential to further develop the property.

The lake holds about three billion litres of fresh water.

There is a main homestead on the property as well as 20 cabins and a kiosk.

Gilderoy is about 75km northeast of Melbourne in the Yarra Valley.