Side-by-side mansions built by Chinese billionaire in Perth worth $75 million sell before auction

Kim Macdonald

The West Australian

2 Min Read28 Jun, 2024

The property owner was prepared to sell the mansion at a huge loss after they reportedly paid $75 million to build and fit them out. Credit: supplied

Two mansions built by a Beijing billionaire in Perth — reportedly costing $75 million — have sold for an undisclosed sum days before they were due to sell at auction.

The two mansions, designed with classical Chinese architecture and built between 2014 and 2017, are set on 4.48ha in the southern suburb of Banjup.

The sale price is believed to be in the millions, after the EPS sales agent Leon Siew revealed Chinese education billionaire James Tan was prepared for losses worth tens of millions, with offers expected from $3 million to $5m.

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He said $75 million had been spent on the homes, including land and artworks, though valuable statues had been stolen. Roses worth $1.5m had since died. Millions were required to finish the fitout.

The property was being sold by Superworld Holdings Pty Ltd, fully owned by the 66-year-old billionaire.

The $75m development eclipses the $50m Indian entrepreneurs Pankaj and Radhika Oswal planned to spend on their Taj on Swan home in Peppermint Grove.

The mansions were built side-by-side on a 4.48ha. Credit: supplied

Mr Siew said his client was not concerned about resale value, with the homes intended for four generations of his family.

“While somewhat dilapidated, this Chinese-style mansion is majestic, apparently costing the owner approximately US$50 million to construct in 2014,” Mr Siew said.

“After its completion, the owner returned to China for family reasons and the property has, sadly, never been used.”

The Banjup complex escaped media attention until now, with the reclusive billionaire not even putting photos of himself online.

The extraordinary complex was designed with a fusion of Huizhou and Jingpai architectural styles, with one home designed primarily for day-to-day living and the other for entertainment.

The buildings were designed with a fusion of Huizhou and Jingpai architectural styles. Credit: supplied

The two buildings include 10 bedrooms, 10 bathrooms, multiple large conference halls, living areas, multiple kitchens, several study areas, a library, a multifunctional theatre, museum, private dining rooms, and an event hall.