Initially, the couple listed the coach house for sale with an adjoining gothic mansion, Avoca House, which had eight bedrooms, seven bathrooms and was occupied by the couple as their main home.
But with the economic downturn biting, a buyer was not found prepared to pay the $10.5 million asking price for the combined properties spread across a 1263 square metre block.
After Avoca House sold for $6 million in late 2009, Mr Kroger lobbied council to reconfigure the street entrance of the Caroline Street coach house to better present the property as a prestige home.
On a 460 square metre block and with a pool, the coach house was for sale asking $3.5 million.
In late 2009, Mr Kroger paid $2.1 million for an unrenovated six bedroom home on a large block of land in nearby Prahran.