Taj on Swan auction stops with $15.6 million offer

Taj on Swan auction stops with $15.6 million offer
Taj on Swan auction stops with $15.6 million offer
The abandoned home building block of flamboyant billionaire tycoons, Pankaj and Radhika Oswal was passed in at Saturday auction in Perth.
The top bid was $15.6 million with three of the five registered parties competing for the prize parcel at Peppermint Grove.
Marketed as "the most famous block in Australia" the 2 Bay View Road site was listed through Ray White agent Vivien Yap inconjuction with Sotheby's agent Graham Bowie. 
Two years ago there were $30 million hopes for the prestigious Perth offering, after the partially built so-called Taj on Swan mansion was demolished under council orders.
The 6582 sqm site, which could fit six homes, had reduced $19.5 million hopes last year.
The mansion with Swan River views sat unfinished after the Oswals quit Australia in 2010 amid a dispute with bankers about the wind up and sale of their fertiliser business.
The Oswal family had controlled WA's $700 million Burrup Fertilisers gas-processing plant
The Oswals paid $22.7 million in 2007 then starting construction a year later on a "two-storey, Indian-infused luxury residence." 
Auctioneer Mack Hall received an opening bid of $10 million, with offers quickly jumping up in $1 million increments before proceedings paused for negotiation at around the $14 million mark. 
Peppermint Grove

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?