House That! Breathtaking Gidgegannup estate once expected to sell for $25 million sells for $5.5 million
A breathtaking Gidgegannup property that was once expected to sell for $25 million has sold for only $5.5m.
The 143 hectare estate comprises 10ha of world-class gardens, as well as stunning lakes, a three-bedroom lakeside cabin, beaches, jetties and two islands.
It was designed by former owner Michael Coleman, a one-time property developer, who set out nearly three decades ago to replicate Rothschild Gardens in Italy, complete with Roman busts.
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By continuing you agree to our Terms and Privacy Policy.Over the next two decades, a full-time horticulturist, three full-time and three part-time gardeners worked to bring the vision to life. British sculptor David Sharpe was flown in assemble his works on site.
The result is Lake Como meets Australian bush, with landscaped semi-formal and ornamental gardens set against towering eucalypts and the sunburnt hills of neighbouring properties.
Incredibly, it is only 40 minutes from Perth CBD.
The property sold for $7.7m amid the depressed property market in 2019, despite earlier hopes for $25m.
The 2019 buyer, Le Lake Retreat Pty Ltd, had planned to turn it into a resort. However, that plan ended up in receivership. It led to the recent sale, which netted an even smaller sale price.
The deal has not yet settled so the new owner’s name is uncertain. But one thing is for sure — they got a bargain.
