Former Lib victim of $1m theft: reports

A former Victorian Liberal party treasurer has reportedly had more than $1 million worth of jewels stolen from his Toorak mansion.

Three thieves got into millionaire businessman Andrew Abercrombie's home last month and took diamond-encrusted rings and watches, Fairfax Media reported on Tuesday.

The stolen goods included watches with diamond-encrusted bands, several rings and a distinctive aqua marine bangle.

Mr Abercrombie and his wife were overseas at the time but an elderly woman was at the St Georges Road home, Fairfax Media said.

The former entertainment lawyer turned businessman paid $11.5 million for the heritage-listed riverfront mansion Edzell in 2013.

The home, built in the late 1800s for the then-mayor of Melbourne, once hosted private shows by Dame Nellie Melba.

Mr Abercrombie resigned as treasurer of the Victorian Liberal Party in April amid the fallout after former state director Daniel Mantach's took $1.5 million from party coffers.

Mr Abercrombie was a lawyer to stars including rock group INXS before building up leasing and vendor finance business FlexiGroup.

FlexiGroup is now an ASX-listed company valued at $740 million, while Mr Abercrombie's estimated wealth is just shy of that at around $600 million.

Police have released images of the stolen jewels and a blue Holden believed to be linked to the thieves.