Geelong's Dean Montgomery said he had fallen in love with the historic mansion on the property and had "jumped through hoops" to secure it.

Mr Montgomery said a lengthy process of negotiations with the state government resulted in him securing the property for $4.685 million.

But that sale comes with a number of strict rules.

"At the beginning of the negotations, the Prenzel works were going to be included in the sale, but they are now owned by Melbourne Uni," Mr Montgomery said.

The Black family, who built the property, are allowed to visit the mansion at any time, Mr Montgomery must open it to the public at least once a year and he has responsibilities with regard to the upkeep of the education precinct, which is leased to South West TAFE for $1 a year.

Mr Montgomery said the institution had a lease option until 2037.

"I hope to have an ongoing relationship with South West TAFE," he said.

"I think it's a great partnership to have the farm and the college there as well."

Mr Montgomery said he had no plans to close the gates to the community asset.

He hopes the magnificent grounds are continued to be used by residents for walks, he encourages residents to use the on-site equestrian centre - which is used by members of the local Riding for the Disabled Group each month - and hopes the number of students enrolling in agricultural courses will increase in years to come.

"We won't close the gates," Mr Montgomery said.

"I want it to be enjoyed by the community."

Mr Montgomery said he hoped to restore the mansion to its former glory and use it as a residence for his family.

He hopes his wife Xu Duo and their children Zara, 15, William, 10, and George, 6, will live there most of the time.

"I have a great interest in historical buildings," Mr Montgomery said.

"I always dreamed of one day buying a property in western Victoria."

Mr Montgomery said he immediately fell in love with the property.

"Every time I drive through those gates I'm amazed at how beautiful it is," he said.

Mr Montgomery said the family may spend some time in Geelong after they have renovated the mansion due to their son's medical condition.

George has cystic fibrosis and has regular appointments at the Royal Children's Hospital.

Mr Montgomery said the $2 million state government funded upgrade of the education precinct on-site was in full swing.

He said the works were expected to be completed in November.

Mr Montgomery said there would be upgrades to classrooms, which he admitted for "not fit for purpose" when he bought the property.

"The biggest amount of money is being spent on essential safety measures," he said.

In addition to that, classrooms will be painted and 10 units, which provide accommodation for students, will be revamped.

As for the mansion, Mr Montgomery has a plan to return it to its former glory.

He has set himself a timeline of about 24 months and plans to do all he can to return some of its original charm.

Mr Montgomery said original fireplaces had been removed from the home and the ceiling had been lowered in an area to allow for the installation of a heating and cooling system.

"It was modernised in 1970 but I plan to go from room to room and bring it back to its former glory," he said.

"Structurally, it's in great condition."