Shane Warne's "favourite" Brighton mansion has been almost completely bowled over by its new owner.

The historic bluestone's modern extension and pool have been dramatically torn down over the past few weeks.

A Brighton agent connected to the cricketer previously told the Herald Sun the extravagant property at 32 Middle Cres was "his favourite house", but the cricket legend offloaded it - for the second time - for about $20 million in an off-market deal in 2018.

Warne and his ex-wife Simone Callahan first spent $3.51 million on the property in 2001, before selling it for $8.75 million seven years later.

The spin king then bought it back for a whopping $14 million in 2016, before selling it for about $20 million to the latest owner in an off-market deal in 2018.

But he said he had "nothing to say" about the demolition of his dream home.

"It has nothing to do with me," Warne said.

The original heritage-listed 1880s bluestone building is all that remains on the huge block.

A neighbour, who did not give their name, said the demolition works had been "very disruptive".

"I can't understand how they have knocked down one mansion just to build another," she said.

"They are supposedly building a Legoland underground."

Warnie's own renovations to the property had added ultra-modern amenities including a games room, home theatre, tennis court and a gym.

The director of building group Davies Henderson, David Henderson, said the owners planned to restore the property to its "former Victorian glory" while working alongside Bayside City Council.

"We have developed a heritage-focused design which captures, across the property's 3100sq m footprint, the gardens and lifestyle of a bygone era," Mr Henderson sad.

"Christopher Doyle Architects, Paul Bangay landscape architects and Thomas Hamel interior architects round out the dream team for this unique project."

The renovations are expected to cost millions of dollars.

Bayside Council acting city planning director Matthew Cripps said the middle and rear sections of the house, including the renowned pool, were not heritage listed. The council's heritage adviser "had no issue with the demolition", he said.

Warne is now trying to sell another Brighton mansion around the corner, which was previously owned by AFL legend Matthew Lloyd. It's priced privately at about $8 million.

A savvy property investor, Warne has bought, renovated and sold at least six Brighton residences over the past two decades.

- with Jayitri Smiles

Originally published as Warnie's 'favourite' mansion demolished