Torres completed a £50m switch to Chelsea on transfer deadline day.
"I think last year we were talking about £70m," Benitez said in an interview with the BBC's Football Focus.
"People were talking about maybe you will receive an offer from another club, they were talking about £70million.
"Torres was not playing at the same level the last time, but he is still a very good player. It's big money but could be even better."