Two expansive mansions in Perth, Australia, designed in traditional Chinese architectural style and originally built at a cost of $75 million, have been sold for significantly less than their construction value—fetching just $1.95 million each.
Yes. Chinese mansions in Australia…lying unused and selling for a fraction of their real cost. Weird, right?
The properties, located on Coffey Road and Beenyup Road in Banjup, were bought by a Victorian-based not-for-profit organization with a head office in China.
The mansions, which were never completed or lived in, were built by billionaire James Tan, who reportedly left Australia to return to China for family reasons and has no plans to return. Known as the “Chinese Style Confucius Mansions,” the homes were constructed between 2014 and 2017 by Apex Construction, combining ancient Jingpai and Huizhou architectural designs. The properties sit on a combined 4.48 hectares of land and boast more than 80 rooms, including 20 bedrooms with ensuites, several kitchens, a library, a museum, a theater, and large conference and dining halls. The homes also feature swimming pools and courtyards arranged according to Feng Shui principles.
The sale was managed by Effective Property Solutions on behalf of Superworld Holdings, the company led by Mr. Tan. According to founder Erwin Edlinger, the sale attracted interest from 250 high-end buyers from both Asia and Australia. “I’ve never seen such rampant demand on a property campaign in my 20-year real estate career,” Mr. Edlinger told Domain, noting the flurry of cash offers and requests for quick settlements, some sight unseen.
The Coffey Road property had been valued at around $3.2 million, while the Beenyup Road mansion was estimated at $1.68 million, according to CoreLogic data. However, an unconditional cash offer was accepted before the auction, securing the sale. Mr. Edlinger said the new owners plan to complete construction on the properties, which they intend to preserve for cultural purposes.