Multi-million dollar sales of prestige properties are nothing new, but the eye-watering price tag of this clifftop tennis court is something else altogether. 

The 3576sqm property at 2 Caraar Creek Lane, Mornington does not include a house, but features what has to be the best-positioned grass court in Australia.

With panoramic views over Port Phillip Bay and a blue-ribbon address in one the Mornington Peninsula’s most exclusive neighbourhoods, the incredible location of the tightly-held landholding arguably justifies its $7.5-8.2 million price guide.

The property is going under the hammer on September 8 and forms part of the estate of the late Lou Mangan, former managing director of Carlton & United Breweries.

The three properties, comprising two houses and a tennis court across a 10,000sqm landholding, could sell for about $24 million in total. Picture: realestate.com.au/buy

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Wealthy buyers are expected to take advantage of the block’s prime position, with the waterfront site making the perfect spot to build a landmark mansion, subject to council approval.

Buyers also have the chance to acquire the two adjoining blocks to create a sprawling compound, although they’ll need deep pockets.

The original home, Invergordon, doesn’t have a heritage overlay, meaning it’s likely to be replaced by a modern home to capitalise on the stunning views. Picture: realestate.com.au/buy

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The largest property on offer at 63 Kalimna Drive features a two-bedroom house on a 5599sqm block and has a $11.5-12.5 million price guide.

While the original weatherboard home that occupies the site could work as the perfect weekender with a lick of paint, it’s unencumbered by heritage overlays, meaning it’s likely to face the wrecking ball, with a new home taking its place.

The property was used as a weekender by former Carlton & United Breweries managing director Lou Mangan and wife Cecile. Picture: realestate.com.au/buy

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Meanwhile, 8 Caraar Creek Lane is listed with a $2.75-3 million price guide and includes a three-bedroom house which isn’t heritage protected either, although unlike the other two blocks it’s set back a little from the coast.

Selling agent Dean Phillips of McEwing & Partners said it was likely there would be interest from buyers intent on purchasing all three properties to form a 10,205sqm landholding.

Also going to auction is Lynmouth, a three-bedroom house on a 1030sqm block with a $2.75-3 million price guide. Picture: realestate.com.au/buy

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“We’ve been instructed to auction all three properties on the same day,” he said.

“It will be three separate auctions, so they would have to compete on three occasions to acquire all of them.”

That would create a landholding worth about $24 million, assuming each property sells at the top of its guide range, allowing the creation of an iconic mega-home on one of the most sought-after stretches of coast in the country.

“It’s one of the most exclusive streets in all of Australia,” Mr Phillips said.

“The rule of thumb is whatever they pay for the land, they will probably spend on the build.”

With panoramic views of the Mornington Peninsula and Port Phillip Bay, the blue-ribbon landholding has attracted international interest. Picture: realestate.com.au/buy

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The waterfront properties previously formed part of an estate owned by entrepreneur Sir George Tallis, including the 1863-built mansion Beleura just down the road, which later passed to his son, composer John Tallis.

Mr Phillips said he expected a strong result, given the top end of the market had proven resilient to the general slowdown in the Mornington Peninsula triggered by interest rate rises.

“I don’t think properties like this are ever affected by market trends or behaviour,” he said.

“Properties like this should be bought when they come for sale.”

“A lot of those properties don’t change hands very often and it’s the perfect time to be acquiring one.”