The global financial crisis clearly hasn't hurt everybody, with Eddie McGuire forking out a speculated $11 million for a Toorak palace.

The former Channel Nine boss is expected to have pocketed $4million after resigning last May. He has used his spare time to reacquaint himself with Melbourne's blue-ribbon market after calling Sydney home for more than 15 months.

McGuire's Toorak domain, just off St Georges Road in Greenknowe Court, is on a massive block and includes a tennis court, swimming pool and garden big enough for some kick-to-kick.

Title records show the property was sold by Applied Chemicals executive Ian Hicks, but will be registered in the name of McGuire's wife, Carla.

Local agency sources say the house was built by prominent commercial property developer David Deague more than 10 years ago.

They said it was only a matter of time before McGuire upgraded from his Dunraven Street house, which despite being in a "AAA-street" is on a relatively small block.

McGuire paid $1.275 million for the block in October 1996 and rebuilt a contemporary house. Part of this house was destroyed by fire in 2001.

Kay & Burton director Michael Gibson, who represents McGuire's property possessions and disposals, declined to comment when contacted by Capital Gain. McGuire did not return calls.

Since announcing his resignation, McGuire has worked on network projects including current affair interviews and game shows.

 -- With ELI GREENBLAT