Two people were in the Robinson 22 helicopter, which was on a training drill when it crashed on the centre runway at 10.17am.
>> PICTURES: Scene of the helicopter crash at Moorabbin Airport
Airport general manager Phil McConnell said neither of the people on board had suffered serious injuries.
About four fire trucks and two ambulances attended the scene.
Mr Edelsten, 66, is understood to have climbed out of the chopper wreckage and suffered only a cut hand.
Andrew Majdlik, leasing agent of Dr Edelsten’s new Caroline Springs medical centre development and friend, said he had been speaking to the newly wed Dr Edelstan last night about his flying.
“He’s always had an interest in flying and I know he has been keen on gaining his pilot’s licence,” Mr Majadlik told Leader.
“I was speaking to him at 7pm last night talking business and also about his flight today.”
Mr Majdlik was unaware of today’s incident until contacted by Leader.
“I was actually about to give him a buzz just as you rang. It’s the first I’ve heard about it,” he said.
He said Dr Edelsten had been looking forward to today’s flight, as he had done a lot of flying in the past.
The crumpled helicopter is on the runway in the south-east corner of the airport.
Mr McConnell said the chopper was usually based at Essendon Airport, but was at Moorabbin for training purposes.
Dr Edelsten, former owner of the Sydney Swans, last month married American Brynne Gordon, 26, in a reputed $2 million ceremony.
When flamboyant entrepreneur Dr Geoffrey Edelsten's helicopter crashed on his first solo flight, he looked up and thought one thing. "This certainly can't be heaven," a relieved Dr Edelsten, 66, told AAP after the crash at Melbourne's Moorabbin Airport about 10.15am (AEDT) on Tuesday. Dr Edelsten was nursing his wounds, a cut hand and sore knee, insisting that he was fine but very lucky, after the crash. An experienced fixed-wing pilot, Dr Edelsten has spent 80 hours training for his helicopter licence but his first solo flight lasted less than a minute.