PGG Wrightson Alexandra branch manager Don Sparks said the Poolburn Hotel was last sold in 2006, for $380,000.
Mr Sparks said he had received a widespread response from potential buyers, who all expressed an intent to keep it going as a rural pub.
Despite the interest, he said the property was likely to sell for a "realistic" price.
"The mortgagee company is like any vendor. They'll want as much as they can get but they definitely want to sell it, so they'll consider anything reasonable and that might even be in the $200,000s. The mortgagee is being realistic price-wise, so something should happen," he said.
Poolburn's pub was advertised for sale by tender last month, after the doors were locked in November 2008 when former leaseholders Larry and Carman Connell, of Poolburn, decided not to renew their two-year lease.
They had leased the pub from then owner Chris Forrest, who had tried unsuccessfully to sell the property.
Mr Sparks said despite a few inquiries from the North Island, all those who had visited the property interested in purchasing it were South Islanders.
"People who've looked at it have done so with the intent of keeping it as a hotel."
Tenders close on May 8.
