Chinese businessman's Hawthorn East sold under FIRB watch

Chinese businessman's Hawthorn East sold under FIRB watch
Chinese businessman's Hawthorn East sold under FIRB watch

An English-style Hawthorn East house identified has having to be sold under the FIRB foreign investor crackdown was sold mid-week, nine months after failing to sell at November auction.

The divestiture clock was ticking for the Chinese businessman ordered to sell his $5.2 million Hawthorn East mansion after the Australian Taxation Office found the home was bought without the required approval.

Set on a substantial 1455 sqm Higham Road block, the five bedroom English-style mansion was bought by Li Jian Guo in 2014.

It was purchased by the Bentley-driving Chinese businessman at auction when he used $300,000 bids to knock out rivals at the auction. 

Surrounded by manicured gardens with the rear garden centering on a pool and large alfresco dining area, it was listed with $5.95 million hopes through Kay & Burton agents Ross Savas and Jamie Mi. It had previously sold in 1988 at $940,000 when bought by the Karkar family.

The property was the first in Victoria to be slapped with a divestment order by the Treasurer Scott Morrison.

This article was first published in The Weekend Australian.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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