Craig Tiley loses $5.75 million on beachfront home sale

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.