By Robert Carry

The sale of a Melbourne property is expected to smash the city's real estate record of $18m when it goes on sale, with experts predicting a sale price of $23m.

The Miegunyah estate on Orrong Road in the city's Toorak area is due to be listed in the coming days and its massive land parcel is expected to trigger interest from a number of investors. According to reports in the The Age Newspaper the current price record of around $18 million was set in 2007 when art dealer Rod Menzies purchased Stonington mansion in Malvern.

The Miegunyah property is currently owned by Philip Brass, the former chief of Pacific Dunlop, and his wife. The pair bought the property, which features a swimming pool, tennis court and botanic gardens, for $2 million in a 1991 fire sale.

Buyers' advocate Christopher Koren described the historic estate as being "big enough to graze sheep on" adding that it was a rarity to see a luxury property coming onto the open market as the 2008 property slump has led to most high-end units being transferred off market as a means of avoiding publicity.