The 1920s sandstone cottage, one of the original homes in Newport, had a guide price of $3.6 million last October and has since been gradually reduced to $3.2 million.
Renovated by the Cosgroves in 2020 after costing $2.6 million, the home is marketed as "a creative twist on coastal living with a colourful nostalgic aesthetic that embraces eclecticism".
It has four bedrooms, two bathrooms, a fireplace in the living room and a heated swimming pool in the 615m2 garden.
LJ Hooker Newport acted for Gordon Spring and James Alegre in securing the deal.
Santos spent most of his career in banking in the UK after studying at the University of New South Wales in the early 1990s.
He was most recently finance director of the consumer finance division at Lloyds Banking Group.
