A Chinese billionaire spent $75million building two mansions side-by-side in Perth... they just sold for an embarrassing price
Two Chinese-styled palatial mansions that cost their billionaire owner a massive $75million to construct have been sold for almost $2million each.
Two Chinese-styled palatial mansions that cost their billionaire owner a massive $75million to construct have been sold for almost $2million each.
The sprawling properties that were built side-by-side on Coffey Road and Beenyup Road in Banjup, in Perths south, were snapped up for just $1.95million apiece.
The unfinished properties, which were named the Chinese Style Confuscius Mansion, were bought by a Victorian not-for-profit who have a head office in China.
The homes have never been lived in and the original owner James Tan flew back to China for family reasons and is understood to have no plans to return.
The mansions were built on two blocks of land that are 4.48 hectares combined, but they are yet to be fully completed.
The striking properties feature more than 80 rooms, including 20 bedrooms fitted with ensuites and several kitchens.
The homes also house a library, a museum, a multi-functional theatre, and large conference and dining halls.
There are also swimming pools and four courtyards, designed in line with Feng Shui teachings.
The sprawling properties (pictured) that were built side-by-side in Banjup, in Perth s south, were snapped up for just $1.95million apiece
Constructed between 2014 and 2017 by Apex Construction, the complex was designed in a fusion of ancient Chinese Jingpai and Huizhou architectural styles.
One home was designed for day-to-day living and the other for entertainment.
The sale of the mansions was managed by Effective Property Solutions on behalf of magnetics and electronic giant Superworld Holdings, which is run by Mr Tan.
Founder Erwin Edlinger said 250 high-end buyers from Asia and Australia expressed interest.
Ive never seen such rampant demand on a property campaign in my 20-year real estate career, he told Domain.
We received…multiple cash offers and requests for quick settlements, with some buyers even willing to purchase sight unseen.
The property located on Coffey Road had previously been estimated to be worth around $3.2million, according to figures by CoreLogic.
The striking properties (pictured) feature more than 80 rooms, including 20 bedrooms fitted with ensuites and several kitchens
The mansion on Beenyup Road was estimated to be worth $1.68million.
A unconditional cash offer was accepted before the auction commenced.
Mr Edlinger said the new owner is looking to finish the construction of the mansions before they retain the properties for cultural reasons.
