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He must be Tee'd off! Golfer Greg Norman sells plot of land in Miami neighbourhood at a loss after listing it for $25 million... but selling it for $5.6m

By Danielle Gusmaroli for Daily Mail Australia

Published: 21:17 EST, 7 July 2015 | Updated: 02:28 EST, 8 July 2015

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He has a property portfolio to match his impressive career spanning decades on the golf course, and is said to boast a net worth of $300 million.

But despite seemingly being savvy in the market, Australian golfing legend Greg Norman has taken a knock on the asking price for a plot of land he bought nine years ago in smart Le Lac in Miami.

The 60-year-old, who goes by the sobriquet White White Shark for his fair mane and aggressive golfing style, has reportedly off-loaded a vacant piece of land for $5.6 million to a Russian couple.

Not tee'd off: Golfing legend Greg Norman took a $1.4million knock on the asking price for a plot of land he bought nine years ago for $7million in smart Le Lac in Miami

The $1.4 million loss on the seven-acre property comes after Greg failed to build on it and amid reports he agreed to loan $2 million interest-free to the buyers for three months to seal the deal.

The Queenslander who lives in Florida listed the lot in 2013 for $25 million. By 2014, its value had dropped to $11 million.

Public records and The Real Deal cite the buyer as Elena Temkin, 45, and private-mortgage papers also names, Roman Temkin, 42, a husband and wife team originally from Russia.

Acres of land: The seven-acre property is set to accommodate an eight-bedroom, 12,000-square-foot home

Result! The golfing legend has reportedly off loaded a vacant piece of land for $5.6million to a Russian couple

It is believed the couple will build an eight-bedroom, 12,000-square-foot home on the land overlooking some of Florida's spectacular golf courses.

Former world number one Greg has made headlines over the years for his flamboyant lifestyle and impressive career.

He divorced first wife Laura Andrassy in May 2006, and while they have never revealed the reasons for splitting, she subsequently won $105 million in the divorce settlement.

Content: Greg visits London during The Olympics with third wife Kristen Kutner in 2012

The notoriously private Australian went on to marry former tennis champion Chris Evert in a lavish multimillion-dollar event in the Bahamas in June 2008.

But in just a year and a half he filed for divorce in December 2009.

Less than a year after that, in October 2010, Greg announced his engagement to interior decorator Kirsten Kutner, 45. The pair were married in November 2010 on Necker Island.

Surprise: For his 60th birthday this year, Kristen presented him with a flattering bronze statue of himself, rippling muscles and bare chest on display

For his 60th birthday this year, Kristen presented him with a flattering bronze statue of himself, rippling muscles and bare chest on display.

The narcissistic gift takes pride of place at his home in Colorado and encapsulates the legend's reputation as The Great White Shark.

Greg spent 331 weeks as the world's top golfer in the 1980s and 1990s.

He has won over 85 international tournaments in his career, including two majors: the British Open in 1986 and 1993.

Front row seat: Greg his wife Kirsten and Roger Rasheed, coach of Grigor Dimitrov, attend the match between Dimitrov and Gael Monfils during the 2014 US Open