Former Tennis Australia chief sells Melbourne home at $5.75m loss
Craig Tiley's beachfront home in Aspendale was sold at a loss after he purchased it for $13.1 million. He listed the property for $11.5 million before reducing the price to $8.75 million. The final sale price of $7.35 million amounted to a financial loss of $5.75 million. Tiley also incurred an additional cost of $831,500 in stamp duty related to the sale.
Former Tennis Australia chief Craig Tiley has sold his Melbourne beachfront home for $7.35 million, a loss of $5.75 million compared to the $13.1 million he purchased it for in 2022. The picturesque property, located at 73 Nepean Highway in Aspendale, boasts panoramic views of Port Phillip Bay and direct access to the sand. The listing highlights features such as four bedrooms, four bathrooms, three living rooms, a floodlit tennis court, heated pool, spa, gourmet kitchen, and beachfront location.
Despite the high-end amenities, Tiley's decision to sell resulted in a financial loss, with the total cost including a $831,500 stamp duty on the original purchase price. The Aspendale market is described as a pyramid by local real estate agent Joe Doyle, with entry-level homes still affordable and beachfront properties commanding higher prices.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
