It is understood the sale is the result of majority shareholder, the Upper Hunter-based Inglewood Wines headed by Sydney businessman Ross Pitts, wishing to quit the business. Other shareholders are Jay Tulloch and his family (20%) and the South Australian Angove family wine company (15%).

Tulloch's general manager-CEO Christina Tulloch said on Sunday the move was "understandable sad".

It was hoped a buyer would emerge to safeguard the iconic nature of the brand and recognise it was at its best when run by Tullochs.

Jay Tulloch, 77, a Hunter Valley Living Legend of Wine, joined the family-owned company in 1962 at the age of 18 and was Tulloch general manager under a succession of corporate masters from 1973 to 1996.

The last of these, the troubled Southcorp giant put the Tulloch business up for sale in 2001 and it was bought by the current partners.

Jay Tulloch's daughter Christina joined the reinvigorated Tulloch company as part of the cellar door sales team, later rising to cellar door manager, operations manager and brand and marketing manager and in 2007 she became general manager-CEO, the first woman to hold the post.

The Adelaide-based Langley and Co wine industry agency has advertised seeking expressions of interest closing on Friday, July 30, noting that the Tulloch operation established in 1895 boasted "irreplaceable history and authenticity with "the ideal business model for continued growth".

It had annual case sales of 50,000, attracted 36,000 visitors a year to its expansive De Beyers Road, Pokolbin, cellar door and vineyard and had a rare liquor licence allowing the sale of wine, beer and spirits.