Olympics legend Grant Hackett loses $850,000 on property - but has a $13.4million win in one of Australia's most exclusive suburbs

Olympic great Grant Hackett has taken an $850,000 hit on the block of land he's trying to sell in Melbourne's sought-after bayside suburb of Brighton.

The two-time Games gold medallist and his wife Sharlene had planned to build a home on the block after buying it for $8.5million in 2024, but have now taken a huge hit on the asking price.

After originally asking for up to $8.8million, they have revised the price guide to $7.25million to $7.95million.

The couple have also extended the cutoff for expressions of interest from June 9 to June 30, according to News Corp.

Their 1181-square-metre property is located a short walk from the waters of Port Phillip Bay and sits on one of the well-heeled suburb's best streets.

Whoever buys the block will also get the plans for the home the couple had in mind - a three-storey mansion that features indoor and outdoor swimming pools and a cinema.

The news comes just after the swimming legend and his chef wife bought a stunning mansion in nearby Toorak, generally regarded as the priciest and most upmarket suburb in Melbourne.

Their $13.4million Toorak home comes with a long list of ultra-luxurious features including a six-car garage, self-cleaning pool and a climate-controlled wine cellar.

Designed by Nicholas Day Architects, the home has five bedrooms and six bathrooms spread across four levels, complete with a lift, rooftop terrace and a gym.

The incredible kitchen features large amounts of marble and Gaggenau luxury appliances, and the main bedroom comes with a lounge room, accessory closet and dressing room.

'After much thought, we've made the bittersweet decision to sell and build,' Hackett told his followers on Instagram when they decided to put the Brighton block on the market.

'It's both exciting and a little daunting, but we know the next chapter will be just as rewarding.'

Hackett is now the chief executive of finance company Generation Development Group (GDG) after being promoted to the position in January last year.

The Toorak property will also be home to the couple's children Olympia and Edward, as well as Hackett's twins from his first marriage, Jagger and Charlize.

In 2017, GDG's then-executive chairman Rob Coombe asked Hackett to run the company's sales team.

'Over the next 12 months, if you do a good job with sales, and you lead the team the right way, we'll give you an opportunity to be CEO of the business,' Hackett said of what Coombe told him at the time.

Sales rose 72 per cent.

'The financial growth of the business and profile of the business was quite material. It was a break-even business at that time, so to start moving into the black was really good,' Hackett explained.

Under Hackett's leadership, GDG invested in Lonsec Holdings in 2020, launched investment-linked lifetime annuities in 2022–23, and acquired Lonsec outright in August 2024.

Market capitalisation rose from about $50million in 2020 to $1.08billion in 2024 and $2.35billion by August 2025.