The current owner, deer industry leader Clive Jermy, said the 1039ha coastal property had been bought by sheep and cropping farmer Jim Ironside and Mr Jermy believed it would be run as a sheep farm.
Mr Jermy bought the farm in 1988 and converted it to deer in 2000, running 1000 commercial hinds, 600 stud hinds, 500 velveting stags, 100 cows and 120 other cattle.
He said yesterday he had sold his commercial hinds and would transfer his stud deer to a new 125ha farm, Bangor, near Darfield in Canterbury.
The stud Hereford cattle and velveting herd would be relocated to a leased property.
Mr Jermy said Bangor had a number of benefits over Bushey.
''For us, our core business is stud stock and Bushey is too dry to do them justice, which is a our prime motive for selling.''
Mr Jermy built 120km of deer fencing when he converted the property. It was central to the deer-farming strongholds of Canterbury, Otago and Southland.
He was moving from one historic farm to another.
Bushey Park is one of Otago's most notable farms. It was home to one of the province's first merino studs, in 1861, and in 1871 six deer calves imported from Scotland were kept on the farm to build up a hunting herd.
Over the years, stud Corriedale sheep and shorthorn cattle were also farmed at Bushey.
In 2004, Bushey Park was awarded the Ballance supreme Otago environment award, recognising the Jermy family's efforts in caring for the environment.
Bangor originally covered 2400ha, having been settled by the Ward brothers, nephews of the Viscount of Bangor in Ireland.
It eventually passed to the Hutton family, who owned it for many years, but it shrank to a 12ha farmlet around the homestead.
Mr Jermy said the current owners had repurchased some of the original estate, which now made it about 125ha.
The property, to be known as Stanfield's Stud at Bangor, has some irrigation, was centrally located and home to large numbers of mature northern hemisphere tree species.