Future Fund board member Michael Wachtel and photographer wife Linda headlined the Easter weekend Portsea auction listings.
It was passed in at $1.26 million and sold soon after.
There were 27 auction across the Mornington Peninsula the weekend.
The couple's long-time Back Beach Road weekender was been listed after the Australia Day weekend auction acquisition closer to the bay.
The couple paid $660,000 for the home in 2004.
Kay & Burton agent Liz Jensen has been marketing the home as a 'charming Portsea beach house'.
The classic 'L' shape holiday home has five bedrooms, three bathrooms and a north-facing entertaining sun deck that flows from the kitchen, dining and living spaces.
Wachtel, who is also an advisor at Credit Suisse, spent $1.95 million on Blair Ridge which came with Fiona Brockhoff designed gardens.
It's been a busy time for Wachtel, who also sold his long-held Toorak home last month at a private auction for just under $8 million to Fraser Wilkinson of Wilkinson Electronic Document Solutions.
The Cross Street terrace, which cost $726,000 in the recession-hit Melbourne in 1992, sold through Kay & Burton agents Gerald Delany and Michael Gibson.
They have paid $3.2 million for a 400 sqm Balmerino Ave, Toorak site where they intend building a new town house.