Developer Harry Stamoulis didn't get to be head of Australia's 95th richest family, with wealth of over half a billion dollars according to the BRW Rich List, without some good fortune.

But a decision taken by the Andrews government makes it clear how lucky Mr Stamoulis was to own - and sell - a Collins Street building under the previous planning minister, Matthew Guy.

Millionaire property developer Harry Stamoulis (left) in 2014 with then planning minister Matthew Guy and then premier Denis Napthine (right) at the opening of the Gods, Myths & Mortals exhibition at the Hellenic Museum in Melbourne.

The Andrews government's planning minister, Richard Wynne, has knocked back an application to build an 82-level tower on the site at the corner of Collins and King streets, opposite the Rialto.

Mr Wynne will also take a further, more dramatic step to reverse an unusual decision made by Mr Guy, who is now opposition leader, while he was planning minister.