Chinese-Inspired mansions near Perth CBD sold for fraction of original construction cost

Two Chinese-inspired mansions just 30 minutes from Perth CBD have been sold for a tiny fraction of the estimated $75 million spent by their billionaire owner.

Two Chinese-inspired mansions 30 minutes from Perth CBD have been sold for just $1.95 million each despite being built for tens of millions of dollars less than a decade ago.

The sale figure is a tiny fraction of the estimated $75 million spent by their Chinese billionaire owner on construction in 2018.

The grand mansions, which were never inhabited, are described as “somewhat dilapidated” and were reportedly snapped up sight unseen by an unnamed Victorian not-for-profit organisation with a head office in China, Domain reports.

Two Chinese-inspired mansions near Perth were sold for $1.95 million each, a fraction of the $75 million construction cost. Picture: Realestate.com.au

The mansions feature traditional Chinese architecture on a 4.5-hectare estate designed according to Feng Shui principles. Picture: Realestate.com.au

The 4.5-hectare estate features traditional Chinese architecture with four courtyards reportedly designed according to “Feng Shui principles”.

The estate features over 80 rooms, including 20 bedrooms with ensuite bathrooms, large conference halls, a library, a museum, a theatre and several kitchens and dining halls.

Effective Property Solutions listing’ promoted the property’s cultural importance despite the fact is has been neglected.

Despite being neglected, the mansions garnered significant interest, with over 250 worldwide inquiries and multiple cash offers. Picture: Realestate.com.au

The new owner, a Victorian not-for-profit organisation, plans to complete the build and use the estate for its intended Asian cultural purposes. Picture: Realestate.com.au

It read: “While somewhat dilapidated after never being occupied, its cultural significance remains undiminished, holding immense potential as a beacon for the Chinese community in Western Australia.”

Speaking with Domain, Erwin Edlinger from Effective Property Solutions said the listing attracted over 250 inquiries worldwide.

“I’ve never seen such rampant demand on a property campaign in my 20-year real estate career,” he said.

Apex Construction built the mansions in 2018, with one previously estimated to be worth $3.2 million. Picture: Realestate.com.au

The owner, James Tan, a Chinese billionaire, left the country shortly after the completion of the buildings. Picture: Realestate.com.au

“We received … multiple cash offers and requests for quick settlements, with some buyers even willing to purchase sight unseen.”

The new owner reportedly plans to complete the build and use it for its intended “Asian cultural purposes”.

Apex Construction constructed the mansions in 2018, with one reportedly previously estimated worth $3.2 million.

The owner, James Tan, a Chinese billionaire who runs electronics giant Superworld Holdings, left the country shortly after the buildings were completed.