An anonymous buyer has found a bargain in the swanky West Australian suburb of Peppermint Grove, after buying a 6582-square metre super block of land for $17 million.
The land at 2 Bay View Terrace, Peppermint Grove, once housed an incomplete mansion dubbed “the Taj on the Swan” owned by billionaires Pankaj and Radhika Oswal.
The Oswals had bought the block for $22.7 million in 2006 near the peak of Western Australia’s property price and resources boom.
The buyer, who does not wish to be named, is rumoured to be a high-flying businessman who travels internationally.
The property was passed in at auction on July 28 but, after the auction bidding stopped, intense negotiations between four possible buyers continued and a contract was agreed to on Thursday night, according to real estate agent Vivian Yap.
Ms Yap, from Ray White Dalkeith/Claremont, said the sale of the land was “an absolute marathon” given its history over the past 12 years.
“We reached the asking price by the owner so that’s why they agreed to sell,” Ms Yap said.
“It is good to be able to seal the final deal.
“It’s good for the suburb and a really good outcome for the buyers. It means a new chapter has begun.”
Pankaj and Radhika Oswal had originally bought the land with plans to build their dream home, but, after legal issues including two high profile court cases – the first against the ANZ bank (concerning loans for their WA-based fertiliser business), and the second against the Australian Tax Office (for an estimated $100 million unpaid tax bill), the couple decided not to complete the project.
The Oswals settled both cases in September 2016 before listing the property in October that year. They demolished their incomplete home at the same time.
The first auction of the land, in May 2017, was cancelled due to a lack of interest from prospective buyers.
This story first appeared at Domain.