'Greycliffe' at 513 Hobart Road, Youngtown, has had just a handful of owners since being built by convict brewer Britton Jones in 1832.

Mr Jones famously built the nearby Franklin House in 1838 after being deported to Tasmania for stealing 20 pounds of lead.

He later moved to San Francisco during the gold rush and returned to Sydney two years before his death in 1856.

Franklin House has since served as a private residence, boarding school and house museum, while 'Greycliffe' has undergone a fascinating journey in its own right.

The home was extended in the 1880s to accommodate a small private school named 'Lynhurst' and has been extensively renovated since it last sold in 2012.

It block itself has been widely known as 'Magpie Hill' since the 1830s.

The property has been listed for sale via expressions of interest and is expected to attract offers of more than $1.8 million.

"We've got people out there this afternoon and we've had really good mainland interest," selling agent Sam Woolcock, of Knight Frank Launceston, said earlier this week.

The three-acre property has four bedrooms, two bathrooms and a six-car garage.

Outside there are century-old trees and a clay tennis court.

Expressions of interest close May 5.