THE wineries and vineyards of Buller Wines have been put up for sale.

Administrators who were appointed in December, last week advertised for expressions of interest in the business and its assets.

Salvatore Algeri and Simon Wallace-Smith, of financial advisers Deloitte, have billed it as a ''historic Victorian winery'' with sites at Rutherglen and Beverford totalling 129.5ha.

The sale would include homes, wineries, storage facilities, cellar doors and substantial inventory holdings.

''The vineyards, some of which are over 100 years old, are planted with a number of varietals, including shiraz, cabernet (sauvignon), muscat and tokay,'' the ad said.

The Buller Family has been making wine in Victoria since 1921, when it was started at Rutherglen by navy war veteran Reginald Langdon Buller.

After also serving in World War II, Mr Buller established the Beverford vineyard.

The fourth-generation family company, now run by Andrew and Richard, became known for its fortified wines and has been awarded numerous wine show medals and trophies.

Murray Valley Winegrowers Mark McKenzie said about 20 growers from Robinvale and Swan Hill were owed some residual funds for the remaining payments for last year's vintage.

The growers also were owed about $360,000 by a separate entity, SJ Buller, which had not paid them for grapes bought in 2010.

Mr McKenzie said the association was exploring ways to recover that debt.

One grower in the King Valley is owed money from last year.

Deloitte spokesman Simon Rushton said it was ''business as usual'' for Buller Wines which was continuing to trade.

Mr Rushton declined to provide details of the company's debts.

It is understood that creditors at the first meeting were told Buller Wines was profitable and its assets exceeded its debts.

A newspaper report said inventory, including wine, barrels and raw materials, was valued at about $9 million.

The two properties were valued at more than $5 million and secured to ANZ, which was owed about $4 million.

''But (Buller Wines) was not making enough money to cover overheads, reinvest in the business or fund expansion,'' the report said.

The deadline for expressions of interest in the company is February 15.

A second creditors' meeting is due to be held July 29.

No one from Buller Wines would comment.