SPIN King Shane Warne and partner Simone are understood to have paid $3.35 million for a rundown bayside property they plan to demolish and rebuild.

The Victoria Street home sits on a 2,694 square metre block and includes a 70 year old, 4-bedroom clinker brick home. Any development of the site would offer water views, though Port Phillip is more than a kilometre away.

Any new home is expected to include a swimming pool and tennis court, as the Warne's were accustomed to at a Middle Crescent Brighton home they sold a few years ago after separating.

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