Detectives are appealing for public assistance as they continue to investigate the brutal incident, which occurred at a rural property on the Melba Highway in Yea about 1.15am on June 23.
According to police, three armed intruders, two carrying firearms and one armed with a machete, knocked on the door of the property and confronted the elderly man.
Police say the offenders demanded cash and a firearm, but when the man was unable to meet their demands, he was blindfolded and assaulted.
Detectives were told the attackers then dragged the man outside and forced him into the boot of his own vehicle.
One of the offenders then drove the vehicle a short distance along the driveway before removing the victim and taking him into a nearby paddock.
There, police say, the assault continued.
According to investigators, petrol was poured on the man and one of the attackers held him at gunpoint, while the other two returned to the property and set the house alight.
The home was destroyed in the blaze with no one inside at the time.
The three offenders fled the scene in another vehicle, stealing three firearms used for farming.
The weapons have not been recovered.
鈥淲e鈥檙e continuing to investigate the circumstances and the possibility that these offenders have incorrectly targeted the wrong house and wrong intended victim 鈥 a victim who was unable to meet their specific demands,鈥 Detective Sergeant Flyn Loughlin said.
The victim, who sustained non-life-threatening injuries, managed to drive to a neighbouring property and call triple-0.
Police said the attack appeared to be targeted, but they now believed the perpetrators had the wrong house.
鈥淭hat鈥檚 a facet of the investigation that we are keeping an open mind with鈥e is a man in his 60s who has resided in the local area for several decades, we are keeping an open mind that he was not the intended victim,鈥 Mr Loughlin said.
Mr Loughlin said police could not rule out that the intended target lived nearby and may still be at risk of an attack.
鈥淚t is likely and possible the intended victim had property that was not his,鈥 he said.
鈥淪ome criminals aren鈥檛 the smartest, that鈥檚 why most of them end up in prison.鈥
The victim told police he didn鈥檛 know his attackers, describing them as of Middle Eastern appearance and believing they spoke Arabic.
Police said he suffered severe head lacerations from a suspected pistol whipping, and a broken finger.
鈥淭his is an extremely vicious, violent, and cowardly attack on (an) elderly victim who lives alone in a remote area, and we need assistance from the public to help us identify the three offenders,鈥 Mr Loughlin said.
鈥淗e鈥檚 a tough country, rural farmer, salt of the earth kind of man, he has lived in the area for decades,
鈥淗e will recover physically, but I don鈥檛 know how anyone recovers quickly from an attack on you in the sanctity of your own home. I don鈥檛 know how you ever recover emotionally.鈥
A report with some details only known to police was made anonymously to Crime Stoppers, and police are urging the person who called to come forward again.
鈥淲e鈥檙e urging an anonymous caller to Crime Stoppers who recently provided us with information regarding the incident to make further contact and provide any additional details,鈥 Mr Loughlin said.
鈥淭hese are insipid people that they think they can do this to a person in their own home, we鈥檙e doing everything we can to bring them before the courts.鈥
No arrests have been made at this stage, and the investigation remains ongoing.
Police are urging anyone with relevant CCTV or information to contact Crime Stoppers.