COLONIAL treasurer Jocelyn Thomas built a substantial Georgian homestead on the Fingal Valley property he called Milford in 1835.
He had helped his son Bartholomew buy the Northern Midlands land to develop as a grazing property.
But the family's enjoyment of the property and homestead, with the million dollar view, was short-lived.
Among his duties as colonial treasurer, Mr Thomas was responsible for the collection and accounting of all customs revenue.
During an audit of the books a large discrepancy was found in the funds.
Even though there was never any suggestion that Mr Thomas was involved, he was held responsible for the loss because he was treasurer.
He was forced to sell most of his assets to cover the loss and move, with his family, out of Hobart and back to live with his son at Milford.
Northern Midlands farmer Frank Rigney says in his book Midlands Odyssey that by 1845 Mr Thomas had again moved to Northdown, at Port Sorell, where members of his family have lived ever since.
Milford, tucked snugly into the green, rolling foothills of Ben Lomond, is set to add to its varied list of owners since the Thomas family discovered its quiet valley.
Existing owner Ian McKinnon has decided to sell the homestead and accompanying 1400 hectare cropping property.
``It's succession planning,'' Mr McKinnon said yesterday.
He was sitting on Milford's western verandah taking in the impressive view across paddocks to the South Esk River and beyond to Brambletyre, the second property that he bought with Milford nearly five years ago.
He'd had his retirement in mind at the time.
Mr McKinnon grew up and lived on Glen Esk, a couple of rolling hills away from Milford, all his life and farmed it alone since his father died about 20 years ago.
With the Brambletyre and Milford purchases nearly five years ago, Mr McKinnon owned four properties in the area.
He and his wife have three daughters, one of whom is a farmer following the family tradition.
So Milford will be sold to make handing over the family farming business to the next generation easier.
Since it was first developed by the Thomas family and the hawthorn trees planted that still shade the garden, Milford has been leased and owned by the Rigney family.
The Rigneys leased it to George Taylor in 1929, then it was sold to Jack Harding, then Ian Nicolson and Sam Wigan.
He sold it to farm developer Stephen Creese's family in 1977 for $370,000.
After major farm infrastructure improvements, Ian and Paul Weeding bought Milford in 1995 for more than $1 million.
The house and property, with 6.5 kilometres of South Esk River frontage, will be auctioned in Launceston, on November 29.