The landmark Cranmer Court site in central Christchurch has been put up for sale by the building's 31 owners.
The historic Gothic style building was demolished late last year, after suffering considerable damage in the 2010 and 2011 earthquakes.
The site includes nine remaining townhouses, and 22 garages, which can either be repaired or removed.
Hamish Doig, managing director of Colliers International in Christchurch, said he expected the property to appeal to a wide variety of parties.
"We think there will be huge interest because it's such a unique property. It's always been superbly positioned and remains so in the new Christchurch inner city blueprint."
David Chambers, chairman of the body corporate, said the owners were being pragmatic about the sale.
"They know that, if a good land sale price is achieved, they will be able to walk away from the problem and re-establish new homes - probably without having a huge debt."
The Christchurch Normal School, later known as Cranmer Court, opened in 1876.
It was built to provide a "normal" school environment where teacher trainers could observe experienced teachers in a classroom situation.
In 1954 it became the training centre for the post primary Department of the Christchurch Teachers' College but was vacated when the college moved to Ilam in 1970.
In the 1980s it was converted into a group of luxury apartments called Cranmer Court.
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