The two-storey homestead on the property was destroyed when fire ripped through the area east of Corryong late on Saturday.

It was the home of the late Tom and Elyne Mitchell with son John its most recent resident.

Tom Mitchell was born at Towong Hill in 1906 and served in World War II before becoming the member for Benambra between 1947 and 1976.

His wife Elyne was the author of the Silver Brumby series and also wrote another book about 50 years living at the property.

Mr Mitchell died in 1984 and was buried at Towong Hill Station following a state funeral.

Elyne died in 2002, aged 88.

Member for Benambra Bill Tilley, who was part of a CFA crew working in the Towong area on Saturday night, confirmed the historic property had suffered extensive damage.

"I'm aware that Towong Hill has had significant impact from the fire and unfortunately we understand the homestead has been lost," he said.

"The good news is that John and the family are all safe."

John Mitchell had been running cattle and sheep at the property in recent times.

Towong Hill homestead was built in the early 1900s on a farm which once consisted of 6880 hectares including extensive Murray River frontage.

Parts of the property were burnt out in the 1939 Black Friday bushfires.

Tom Mitchell, a lawyer, studied at Cambridge University between 1925 and 1930 before returning to the Upper Murray.

He enlisted in the army in 1940, rose to the rank of captain and was captured by the Japanese and spent 1942-45 in the Changi POW camp.

Elyne Mitchell was born in Melbourne and was the daughter of General Sir Harry Chauvel and she and her husband were national skiing champions.

Mrs Mitchell published 33 books and in 1988 she received the Medal of the Order of Australia.

The Towong racecourse was saved.

"The grand old girl still stands. Thank you to all who helped save her," the club's Facebook page said.