The Australian Tax Office is investigating 195 possibly illegal real estate sales to foreigners.
They have identified one foreign investor who appears to be linked to over 10 properties ranging from a $300,000 unit to a house worth $1.4 million.
A second divestment order - that will follow Point Piper's Villa del Mare - is expected over a Perth property after an investor from the United Kingdom admitted a $700,000 purchase.
Under the current amnesty, investors who declare unlawfully purchased properties before November 30 would avoid prosecution.
Up to 24 foreign investors have come forward under an amnesty to disclose they may have breached home-ownership rules, Treasurer Joe Hockey has advised.
Tax commissioner Chris Jordan told a recent senate committee hearing that the 195 investigations had arisen after people came forward voluntarily and from other people dobbing them in.
"There's 195 in total that we are looking at," Mr Jordan said, in response to questioning from Labor senator Sam Dastyari.
"Some have come forward, some are complainants, because they think the people have breached; sometimes they have, sometimes they haven't," Mr Jordan said.
"We are aware of some instances where they are not just the trophy property but there might be a number of properties that cover the spectrum; in total they might add up to a significant amount."
When asked if one the houses being investigated was Altona, a $52 million mansion in Sydney, the ATO said it could not comment on investigations.