Edelsten, 66, escaped with only minor injuries after crashing the aircraft at Melbourne’s Moorabbin Airport at about 10.15am today.
Nine News helicopter pilot Ben Harris, who was one of the first people on the scene, said the craft yawed strongly to the left shortly after take-off.
"You need to put a fair bit of 'pedal' in the aircraft when you take off and it looks like he just failed to do so," Mr Harris told the Nine News 11am bulletin.
Edelsten walked away from the crash and was treated at the scene in an ambulance for cuts to his hands.
“His first phone call was to his new bride, Brynne Gordon,” a spokeswoman for Edelsten said.
Walking a little gingerly, Edelsten left Moorabbin Airport shortly after midday to be reunited with 26-year-old Gordon.
He confirmed to a waiting media pack that he was fine — and that he had no intentions of quitting flying.
“It all happened very quickly,” he said.
“I was on my back looking up at the broken windshield and glass thinking this can’t be happening.”
He would not say where he was to meet Gordon as he got into a waiting car.
Edelsten’s spokeswoman confirmed the medical tycoon was on his first solo flight when he crashed.
But she insisted he was “an experienced pilot [who] has flown fixed-wing aircraft previously”.
Edelsten’s helicopter was incinerated despite the efforts of bystanders using extinguishers.
Mr Harris said he initially thought the tycoon was trapped but was quickly proven wrong.
"He was fine when he got out … he was walking around.
"He said something like, 'I wish that didn’t happen'.”
Ambulance Victoria spokesman Paul Bentley said the sole occupant was treated for a minor cut to the hand.
"He was assessed by paramedics but didn't go to hospital," he said.
Metropolitan Fire Brigade spokesman John Taylor said Edelsten was walking on the tarmac when fire crews arrived.
Mr Taylor said fire crews were on site to mop up fuel leaking from the helicopter.
The Civil Aviation Safety Authority (CASA) was also in attendance, he said.
Last month Edelsten, 66, wed 26-year-old Brynne Gordon in the most expensive wedding in Australian history, with the nuptials carrying a price tag of $3 million.
The extravagant ceremony at Melbourne’s Crown Casino raised eyebrows after '90s sitcom stars Fran Drescher and Jason Alexander were brought in to host the event, which was attended by more than 550 guests.
A user commented on DIGG:
The gold digger nearly got his money sooner than she expected.The media also labeled him as an AFL 'personality'. Dr. Edelsten cannot 'practice' in Victoria as a result of fraud. Another concerning part about this is that he is an 'experienced' pilot.....