A spokesman for the Parks and Wildlife Service said the organisation was in the final stage of negotiations with the preferred proponent and expected to announce the outcome in the coming weeks.

The leasing of the site has caused mixed reactions for the community, with many worried that a new leaseholder could change the estate, including cutting off certain areas.

The state government called for expressions of interest to lease the property last October, after it decided to drop it from the Parks and Wildlife Service portfolio.

Many people expect Virgin Australia co-founder and Quamby Estate owner Rob Sherrard to take over the lease, as he is currently upgrading Rutherglen Holiday Village across the road.

The upgrade will include renaming part of Rutherglen, Entally Lodge.

Attorney-General Vanessa Goodwin said in June that Entally Estate would continue to receive afforded statutory protection regardless of who owned it, as it was permanently entered on the Tasmanian Heritage Register.

Entally Estate has reopened after its winter break and is open from 10am to 4pm each day.

Admission costs are $10 an adult, $8 for a pensioner or student, and $25 for a family.