About 170 guests, 30 club legends and 22 players attended the function, with each guest having to pay $1000 up front and make a donation of at least $5000 on the night.
Many tipped in more than the minimum amount, with more than 50 people donating at least $10,000 each. Some donated between $15,000 and $100,000, with a staggering $200,000 donated by two supporters.
It was also revealed that the Melbourne playing group had tipped in $10,000.
Melbourne president Jim Stynes said the function, which lasted well into the early hours on Tuesday, was an overwhelming success.
"The generosity in the room far exceeded expectations," Stynes told melbournefc.com.au.
"The past players were sensational and it was great to see some of the old faces back here. It was a bit of a theatrical event and they had to get into the spirit of it.
"Garry Lyon spoke really well and fired them up at the start and [singer] David Hobson was terrific … it takes a lot to make something like this successful, but everyone kicked in, from the staff and the board, and they've all kicked on until the end."
Supporters, past players and current players were split into seven teams, headed up by 'legends' – Noel McMahen, Ron Barassi, Hassa Mann, Greg Wells, Robbie Flower, Garry Lyon and David Neitz.
Other club greats such as Todd Viney, Gary Hardeman, Peter Moore, Brian Wilson and Stan Alves were in attendance.
The night was also highlighted by a rousing and at times humorous 'pre-match' address from Garry Lyon in front of the club's lockers, which had been relocated from the Junction Oval to the Kensington function centre.
During the night some stirring Melbourne vision was shown, including Dean Bailey's address pre-match and during the match against Collingwood on Queen's Birthday this year.
Stynes said this was only the start of the club's 'Debt Demolition' plan – a major focus in August.
"It is about being aware of the responsibility that we carry and at this time, more than any in our history, we need to be making the right decisions. There is the passion and business acumen in this room that brings this club together – and that's what we showed tonight," he said.
"It's a start. We're into the second quarter now of our debt demolition."
