Mr Morgan paid the Greater Southern Area Health Authority more than $1 million in 2005 and spent several hundred thousand dollars on a heritage-based conversion that won him a Master Builders Association award.

The building has since operated mainly as a restaurant and function centre but, in 2010, a fitness centre moved into offices behind the centre Mr Morgan used to run his building company.

That company went into liquidation in 2009 but Adamshurst has remained in the ownership of another Morgan family company. The reception centre and fitness centre now pay more than $110,000 a year in rent.

The reception centre, in the main brick building with its twin cupolas, is on a monthly tenancy. The fitness centre has a lease until 2015.

LJ Colquhoun Dixon director Chris Kloppenborg said the agency would take expressions of interest until October 5.

“It’s a landmark building, attractively positioned on the edge of the central business district and the imposing solid-brick mansion has been professionally restored and refurbished,” he said.

Newspaper owner George Adams built the first house on the site in 1891, next to his printing office where the Albury Banner was produced.

About 1907, he commissioned Sydney architect Gordon McKinnon, who also designed the Albury Town Hall, which is now the Albury Art Gallery.

McKinnon designed the twin Indian-style cupolas and other features that are the main reasons for its heritage listing, including National Trust listing.

The Adams family sold the site to the Education Department for £7190 ($14,380) in 1944 for a high school hostel for girls.

The education department transferred it to the state health department in 1986.

The health authority sold it in 2005 after transferring rehabilitation services to the Mercy Hospital.

Mr McKinnon said the site, of 6326 square metres, had extensive gardens and ample parking.