Gyrn Castle is itself up for sale with estate agents Strutt & Parker issuing a £3.5m guide price.
The castle has a 367-acre estate and is on the market either as a whole or in up to 10 lots.
Edward Bates, who bought the property in 1856, was a ship-owner and politician, whose career spanned almost the whole of Queen Victoria's reign.
He began his working life in the wool finishing business started by his father Joseph Bates (1769-1846).
After 1816 Joseph took advantage of the ending of the East India Company's monopoly on trade with India and started a business exporting his woollen cloth via Liverpool.
Edward Bates was his third son and was sent to Calcutta in 1833 to join his elder brother in the business.
He returned to England 15 years later and started up in Liverpool on his own account, initially chartering ships for the Bombay trade but very soon owning his own.
The sale of Gyrn follows the recent death of Sir Edwards' descendant Sir Geoffrey Bates, the fifth baronet.