A former Melbourne inmate has decided to buy his own former cell in a prison building which is now being converted into a residential and commercial complex.

Graeme Alford, a former lawyer, had spent several years in Pentridge prison for embezzlement and robbery after his life spiraled out of control as a result of drinking and gambling. He had started stealing from trust funds and even attempted a failed bank robbery.

Upon leaving prison, Alford turned his life around completely. He became a successful motivational speaker and wrote the best-seller Never Give Up about his experiences.

When he saw the heritage-listed prison building was to be redeveloped, he decided to make the purchase for investment.

He told local media: "I thought that not too many people have bought their own jail cell back."

His cell is to be converted to hold rare wines valued at around $46 million. The irony is he doesn't drink anymore.

Alford would not say how much the purchase is worth. He is to collect the keys in a ceremony being held Wednesday.

Pentridge was Australia's most notorious prison before it closed in 1997.