A slice of the once-fabulous Fairfax lifestyle has changed hands with the gift of James Fairfax's Bowral home to the nation.

Retford Park, the Australian publishing heir's country estate since 1964 - a time when the company's famous "rivers of gold" were still flowing strongly - has been given to the National Trust of Australia in a deed including a "significant endowment" for its future upkeep understood to total $20 million.

Born in 1933, James Fairfax AC is a great great grandson of John Fairfax, who established the dynasty behind the 185-year-old Sydney Morning Herald, and a much-older half brother to Warwick Fairfax, whose takeover attempts famously brought the private company to its knees. Fairfax is a former chairman and director of the company which once carried his forebear's name.

It was at the grand two-storey Retford Park house, completed in 1887, that Fairfax literally lived "the life of Riley", taking over a property which had been owned by Sydney's Hordern family and built on land granted to Edward Riley by Governor Macquarie in 1821.

It was named by Anthony and Ann Hordern after the Nottinghamshire, UK, village from which they emigrated in 1825.

For James Fairfax, it has been one of several homes: In 2005 Rod Meagher noted in Quadrant magazine that Fairfax also had "a city house in Woollahra, a beach house at Bilgola, a country estate in Dorset, and hired a chateau in France and a meditation hut in Japan".

His art collection was one of the best in the world and his income, Meagher added, "more in each five minutes ... (than) the total of my income in the last 70 years".

The grounds include a garden extended by English landscape architect John Codrington, with pool, pavilion and aviaries by Melbourne architect Guilford Bell, to which another Melbourne landscape architect, David Wilkinson added the Knot Garden, Green Room and the Millennium Canal.

According to the property website, the house has hosted "many notable visitors, including members of the British and European royal families, Australian governors general and state governors, prime ministers and high ranking politicians from around the globe, as well as renowned artists and representatives of arts fraternities worldwide".

Having built the estate in the NSW southern highlands to 120 hectares - Fairfax originally bought the house and four hectares for £15,000 - property buyers have been offered the opportunity to "own a piece of Australian history" following a subdivision, part of the proceeds of which will help fund the house's upkeep.