A former Olympic swimming legend is facing criticism for her controversial decision to tear down a $20 million estate to construct a new luxury residence in its place.

Libby Trickett, celebrated for securing four Olympic gold medals along with one silver and two bronze during the 2004 Athens, 2008 Beijing, and 2012 London Games, is at the center of this debate.

Trickett, now 40, initially stepped away from competitive swimming in 2009, briefly returned in 2010, and eventually retired permanently after the London Olympics in 2013.

Since leaving the pool, she has co-founded a women’s health and wellness company, engages audiences as a speaker, and is pursuing studies in counseling.

Her husband, Luke Trickett, leads the financial services firm Blue Stamp Company and is a co-founder of the investment platform Marmalade.

Former Olympic swimmer Libby Trickett and husband Luke are planning to build a new $10million family home in swanky Hawthorne in Brisbane

The couple have purchased this waterfront mansion for $20million and plan to demolish it

An artist’s impression of what the new Trickett family home will look like when the project is complete

The couple has built a notable real estate portfolio, recently adding a $20 million waterfront mansion in Brisbane’s upscale suburb of Hawthorne, which they intend to demolish and rebuild.

‘We want something that really suits our quite large family and our needs, and something more sympathetic to the land,’ Trickett told News Corp.

‘We just want to make it as flowing as possible while getting to enjoy the incredible river, city views.’

They have engaged the services of prominent local architect Shaun Lockyer for the fifth time for their most ambitious project yet.

The couple plan to knock down the existing, sprawling property that was owned by pharmacy chain founder Don Gardiner, and build a new $10million property in its place.

With recent data showing Brisbane properties have bloated in price by 10.23 per cent to a median of $952,000 for all dwellings, the Trickett’s cash splash was not celebrated by everyone.

A host of locals lashed the couple for their real estate flex during a cost of living and housing crisis where many are struggling to make ends meet. 

‘So over these cashed up folk bulldozing perfectly good homes. What a waste of resources, just because we can,’ one posted. 

The Trickett’s want to build a home that is more suitable for the location and their five children

Trickett won four gold medals across three Olympic Games during her swimming career

Another questioned: ‘Is this news that some people really want to read when there are people struggling to find a roof and food over their heads at the moment?’ 

‘That should warm the hearts of those scraping up 5 per cent deposit to buy a two bedroom unit for 900k just to have somewhere to live,’ another posted, tongue in cheek.

And another said: ‘I find this, and others like it, purchasing a fully livable home then demolishing it – absolutely disgraceful.’

Luke Trickett pre-empted the backlash and said that the existing property did not suit the location, with the value locked into the land itself.

‘No one is buying a $20m block of land with a house like that which – respectfully – doesn’t address contemporary living, living in the subtropics,’ he said.

‘It’s not climate responsive, it doesn’t even particularly well engage with the river and views.

‘It was built at a point of time where style seemed to take more than function and context. 

‘For us, it’s about designing a home which does respond more appropriately to where it is and the amazing amenity it would enjoy.’

Trickett said building the new home would likely take three to five years. 

In the meantime, the current property will be leased for $4,950 a week while the family resides at their Seven Hills home.