A dilapidated Chinese-style mansion in Perth’s south that reportedly cost its billionaire owner $75 million to build on the fringe of suburbia has sold at auction – likely for a fraction of that cost.
The two homes, spread across 4.5 hectares in Banjup, include more than 80 rooms including 20 bedrooms with ensuites, multiple large conference halls, a library, multi-functional theatre, museum, economic trade cultural exchange centre, and several kitchens with private dining halls.
An aerial view of two Chinese mansions which are expected to attract offers a fraction of the estimated $75m constrcution cost.
The building, built by Apex Construction, uses materials sourced from China to maintain the authenticity of the folk-style architecture while the four courtyards encompass the traditions of Feng Shui teachings.
Effective Property Solutions managed the sale of the properties on Coffey Road and Beenyup Road on behalf of electronics and magnetics giant Superworld Holdings – run by Chinese billionaire James Tan.
Agent Leon Siew said he had anticipated significant interest in the property.
“While somewhat dilapidated, this Chinese-style mansion is majestic, apparently costing the owner approximately US$50 million to construct in 2014,” he said.
“After its completion, the owner returned to China for family reasons and the property has, sadly, never been used.”
Founder Erwin Edlinger said the team had been receiving enquiries day and night from around the globe including from high-net-worth Asian buyers, institutions, and associations across Australia.
“This includes multiple cash offers and requests for quick settlements, with some buyers even willing to purchase sight unseen,” he said.