Mr. Kestelman said he bought the property in 2008 for $4.5 million Australian dollars ($4.1 million) and demolished the four-bedroom house and tennis court that was on the land.

Mr. Kestelman, a multimillionaire, spent two years and some A$7 million ($6.5 million) on the two-story home, which was built by his property development company Shangri-La Construction. The entrepreneur sold his telecommunication company Dodo for a reported A$204 million ($188 million) in March.

The 15,000-square-foot house is located in Brighton, an affluent neighborhood 7 miles southeast of the city center. The large chandelier, wrought iron staircase and travertine flooring at the entrance set the grand tone of the home.

High-end materials such as Calcutta marble and American walnut timber are notable features of the lavish interior design. The high-tech house has a home automation system that can be controlled using wall panels or an iPad.

There are five bedrooms and eight bathrooms. The upstairs master bedroom shown here has a quilted leather headboard that stretches across the wall.

This fish tank was imported from Japan and is almost six-feet high.

The kitchen has Miele appliances and holds one of the home's five fireplaces. It also has a surround-sound system.

The bar is upholstered in cowhide and has a gold-framed 'caviar inspired' backdrop. 'I have approximately 100 different vodkas in that bar,' Mr. Kestelman said, noting that Grey Goose as his favorite.

The owner describes the dining table as a piece of art 'not just for the functional purpose of eating.'

The outdoor area has a heated swimming pool and spa. The al fresco living space features a barbecue and kitchen area.

The owner refers to the basement as the 'man den' and it includes a recreation room, a gym, a cinema room and a 200-bottle wine cellar.

The six-car garage can be viewed through a glass 'showroom-style' wall. 'To me, a garage is not something that you hide. It's something to enjoy,' said Mr. Kestelman, who owns a Lamborghini, a Ferrari and a Bentley.

The cinema room has a 3-D projector and 12 leather reclining seats.

'This is a huge house, and it needs people,' said Mr. Kestelman, who is selling because his 18-year-old son doesn't spend much time at home anymore. He thinks that the home would be ideal for a family or a couple who enjoy entertaining.

Mr. Kestelman is moving to his penthouse in a suburb called the Docklands on Melbourne's coast. 'I will [also] be buying a bigger boat and spending a lot of time on it,' he said.

The property was listed in May for offers over A$12 million ($11.1 million). It is listed with Kay & Burton agent Justin Follet.