The 146-hectare block in the hamlet of Bagshot on Bendigo's outskirts was part of a scheme in which hundreds of investors sunk millions of dollars into so-called "options" with the lure of windfall profits once the land was developed.

The project failed, leaving $25 million in investors' funds missing or unaccounted for.

Estate agents Sutherland Farrelly have been appointed by the property's mortgagees to sell the land on Midland Highway which has an existing subdivision plan.

In January 2015 Fairfax Media revealed how hundreds – possibly thousands – of investors had sunk more than $100 million into options, and/or house and land packages, in a string of similar land-banking ventures across Melbourne and regional Victoria, all linked to Kaye, his sister Julia Feldman, and/or fellow wealth spruiker Jamie McIntyre.

A subsequent Australian Securities and Investment Commission (ASIC) investigation resulted in the company behind the Bendigo project, Bilkurra, being placed in administration.

A sister project promoted on a disused rubbish dump in Melbourne's western suburbs also failed. Options in Foscari in Palmers Road, Truganina, marketed as an "iconic architectural masterpiece", were sold to unsophisticated investors across Australia.

Moves are under way to wind up both projects after Federal Court judge Jonathan Beach agreed to a request from ASIC to liquidate them, noting millions of dollars had been "misappropriated".

Justice Beach identified Kaye and his sister Julia Feldman as beneficiaries of both the Truganina and Bendigo schemes.

BusinessDay has been told potential purchasers, including big-name developers, are keen to buy the Truganina land.

Sale documents for the Bendigo site show it is being sold by the mortgagee, TPC (Vic) Pty Ltd, not by the project's administrators.

TPC is controlled by Daniel Kay and the Metropolis Investment Group and any proceeds from the land sales are unlikely to be used to refund investors.

The company appointed to wind up the Bendigo development company, PPB Advisory, has placed caveats on the Hermitage land.

Sutherland Farrelly agent Grant Sutherland would not reveal price expectations for the Bendigo property, of which more than half is zoned residential and the remainder farmland.

Mr Sutherland said there had already been buyer interest as broadacre markets were strong.

The land is on the intersection of Midland Highway and Sherwood Road, about two kilometres from Huntly township and 15 kilometres from the Bendigo CBD.