A Chinese billionaire spent $75million building two mansions side-by-side in Perth… they just sold for an embarrassing price
Two palatial Chinese-style mansions that cost the billionaire owner a whopping $75 million to build have sold for nearly $2 million each.
The sprawling properties built side by side on Coffey Road and Beenyup Road in Banjup, Perth’s south, sold for just $1.95 million each.
The unfinished buildings, dubbed the “Chinese-Style Confucius Mansion,” were purchased by a Victorian-era nonprofit headquartered in China.
The houses were never lived in and the original owner, James Tan, flew back to China for family reasons and reportedly has no plans to return.
The townhouses are built on two plots of land totaling 4.48 hectares, but are not yet fully completed.
The impressive buildings have more than 80 rooms, 20 of which have private bathrooms, and several kitchens.
The houses also house a library, a museum, a multi-purpose theatre and large conference and dining rooms.
There are also swimming pools and four courtyards, designed according to Feng Shui teachings.
The sprawling properties (pictured) built next to each other in Banjup, in Perth’s south, sold for just $1.95 million each
The complex was built between 2014 and 2017 by Apex Construction and is designed in a mix of ancient Chinese architectural styles, Jingpai and Huizhou.
One house is designed for everyday life, the other for entertainment.
The sale of the mansions was managed by Effective Property Solutions on behalf of magnets and electronics giant Superworld Holdings, which is run by Mr Tan.
According to founder Erwin Edlinger, 250 high-end buyers from Asia and Australia showed interest.
“I have never seen such high demand for a real estate campaign in my 20-year career in real estate,” he said Domain.
“We received…several cash offers and requests for quick settlement, with some buyers even willing to purchase without seeing it first.”
According to figures from CoreLogic, the Coffey Road property was previously valued at around $3.2 million.
The striking buildings (pictured) have more than 80 rooms, including 20 en-suite bedrooms and several kitchens
The Beenyup Road mansion was estimated to be worth $1.68 million.
An unconditional cash bid was accepted before the start of the auction.
Mr Edlinger said the new owner wants to complete construction of the country houses before taking possession of the properties for cultural reasons.