Rino Grollo, the owner of Victoria's Mt Buller ski resort, has purchased his first two lots at rival, Mt Hotham.
Mr Grollo, who with his wife Diana co-owns development company Grollo Group, paid $360,000 for two contiguous lots covering 1100 square metres.
They were bought last week in an auction of 21 sites by UK theme park operator Merlin Entertainments.
The two lots come with the potential for up to eight apartments on each block.
Fairfax Media reported it was "a bit of an impulse thing."
The auction secured the sale 17 of the 21 sites, a mixture of freehold and leasehold through John Castran. Prices ranged from $170,000.
The lots are on a former state government site known as the Hotham Chalet, which was first owned by the then Victorian Government Railways.