Captain Marc Murphy, vice-captain Kade Simpson and midfielder Bryce Gibbs all lost money in the development at Mt. Eliza, set-up by director Richard Newton.
The venture was affected by the Global Financial Crisis several years ago, the players and Newton losing a collective six-figure amount.
Newton was a strong candidate to replace Stephen Kernahan as Carlton president but stood down from the board late last year.
It is believed the failed investment was a reason in Newton standing down, something he rebutted when contacted.
The revelation of the Carlton players financial dealings with a director comes at a time when the AFL pushes its stance on equalisation and third-party deals.
The AFL refused to comment whether the investment involving players and Newton breached salary cap rules.
Carlton and the players' managers said the AFL was made aware of the deal.
