The family have retained 3km along the coast but Mr Devine said it was time to sell the farm.
The couple applied for resource consent to subdivide the land into 19 lots in 2010 but it was declined.
It had recently gained approval for the subdivision of 25 sites subject to local authority consent. The section sizes ranged from 3 to 8ha.
Mr Devine, a former Auckland Racing Club chairman, said the land had a colourful history and was once owned by 15 shareholders he described as a "hippy group".
He bought the land when one of the group, former chairman of the Waiheke County Council Kerry Greer, was sentenced to eight years for his part in a drug syndicate importing LSD and the group folded.
"We acquired it then and put in the roads and fences. It is a beautiful spot," Mr Devine said.
He said he was in the process of building houses for his five adult daughters on the land.
"We live here permanently, we sold our house in Takapuna and we have an apartment in the city when we need to get off the island," he said.
"It's a fantastic place and we are pretty busy here at Christmas with the 14 grandchildren."
Ray White agent Paul Barnao said the sale was a rare opportunity.
"It is absolutely stunning - the rolling contours, the views. It is a spectacular spot."
He said it was one of the island's only sites to gain approval to subdivide that was north-facing.
"It is also close to the safe swimming beaches at Palm Beach and Onetangi and is close to schools, cafes, vineyards and the ferry."
