Former Tennis Australia chief Craig Tiley sold his Melbourne beachfront home for $7.35 million after buying it in 2022; the sale left him with a $5.75 million loss

Craig Tiley’s Aspendale home has found a buyer, but the price was well below what he paid for the property in 2022. The beachfront home at 73 Nepean Highway, Melbourne, was sold for $7.35 million, according to a report by the Herald Sun. The former tennis chief bought the home in 2022 for about $13.1 million, leaving him with a loss of $5.75 million.Aspendale home sale ends in lossThe timing of the Aspendale home sale is crucial. In February, Tiley announced he would leave his role as chief executive of Tennis Australia to take up the top job at the US Tennis Association. The following month, he listed the house for $11.5 million. The asking price later fell to $8.75 million, and the sale was confirmed in late September.The listing agents remained tight-lipped about the final figure. Until the records emerged, no party associated with the sale had disclosed how much the house had changed hands for. This is common in a market where many buyers and sellers prefer discretion.However, Tiley’s loss is significant. The $5.75 million figure is only part of the bill. Tiley also paid $831,500 in stamp duty, calculated on the original purchase price. Add that to the loss, and the total comes to roughly $6.58 million. That loss works out at about $4,070 a day. Without the stamp duty, the daily figure is closer to $3,560. Either way, the sale resulted in a loss for the tennis chief.Inside the houseLocated at 73 Nepean Highway, Aspendale, the property sits on approximately 1,998 sq m. According to the listing, the property has “breathtaking panoramic views across Port Phillip Bay and direct access onto the sand, placing the beach quite literally at your doorstep”. The house sits on one of the most exclusive and secluded stretches of coastline.The home has four bedrooms, four bathrooms and three living rooms. It also has a floodlit tennis court, a heated pool and a spa. The house comes with a four-car garage. The kitchen is fitted with gourmet Gaggenau appliances and includes a butler’s pantry and a wine fridge.“Step straight out of your gate for a morning swim, paddleboard, or simply take in the ever-changing seascape as the bay comes alive with dolphins, kite surfers and spectacular sunsets,” the listing says. There is also a private upper-level retreat with a balcony, dressing room and en-suite bathroom.According to the listing, the estate’s outdoor spaces have the feel of “a private coastal sanctuary”.Tiley’s house is not the only Aspendale property on the market. RT Edgar Bayside’s Joe Doyle is handling the campaign for 20 Bowman St, a five-bedroom home with an 11-car basement garage and a beachfront pool. It is priced between $9.5 million and $9.9 million.Cameron Howe of One Agency Longbeach described the local market as a pyramid. Entry-level homes are still changing hands as buyers seek affordability and a coastal lifestyle. “As you climb the pyramid, the fish get fewer and the pain gets higher, particularly for vendors who purchased in the past couple of years,” Mr Howe told the outlet.“Correctly priced properties are still attracting buyers and moving, particularly in beachside suburbs where the coastal lifestyle, strong local and state government investment and cosmopolitan dining scene in places like Mordialloc continue to hold appeal, but buyers are getting pickier with the choice a spring market brings.”Ready to Make a Smarter Property Decision? Build Your Legacy with TOI Homes.