Cashed-up buyers wanted for Perth $75 million Chinese-style mansion

A dilapidated Chinese-style mansion that reportedly cost its billionaire owner $75 million to build will come to auction in Perth next month.

Effective Property Solutions head of international markets Leon Siew anticipated significant interest in the property, located in the southern suburb of Banjup.

“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.”

Siew said the two lots, which total 4.48 hectares combined, would attract potential owner-occupiers with a keen interest in larger landholdings in a rural setting.

“We’re also anticipating strong interest in the culturally unique and architecturally significant buildings,” he said.

The building features four courtyards which mimic the charm of the Chinese architecture styles and encompass the traditions of Feng Shui teachings.

Siew said it also includes multiple large conference halls, more than 80 rooms – including 20 bedrooms with ensuites, a library, multi-functional theatre, museum, economic trade cultural exchange centre, and several kitchens with private dining halls.

“The main building materials were sourced from China to maintain the authenticity of the folk-style architecture,” he said.

“It has been referred to as an Eastern wonder of the southern hemisphere, so this is a treasure of Chinese culture that would be wonderful to retain.”

RP Data estimates one of the properties, the property on Coffey Road, to be worth $3.2 million while the Beenyup Road mansion is estimated to be worth $1.68 million. The properties are owned by Chinese billionaire James Tan who runs electronics and magnetics giant Superworld Holdings.

Strategic Property Group managing director Trent Fleskens said the properties would go for a fraction of the build cost.

“This area of Banjup is semi-rural, on the fringes of suburbia and sitting on the aquifer, so can’t be rezoned,” he said.

“Hence, the land value is only $4 million across the two houses at best.

“Then it’s a matter of who would buy a couple of pimped-out Chinese villas in semi-rural Perth?

“If these properties were on the cliffs in Mosman Park then it would be a different story.

“But other than a cashed-up, sentimental buyer who valued the faux Chinese heritage style, there is no rational reason someone would pay anywhere near the cost.”

The property was built by Apex Construction.

The auction will be held onsite Friday, June 28.