The massive block formerly home to ‘Perth’s biggest eyesore’ has been unable to attract a buyer despite its prime location and relatively low price point.
More than 100 potential buyers fronted the Mosman Park ‘Taj on the Swan’ auction on Friday where just five people were willing to throw their hat in the ring.
Owners, tycoon couple Pankaj and Radhika Oswal, paid $22million for the property 11 years ago, but its seems unlikely they’ll be accepting anything close to that in the sale, Nine News reported.
The massive block formerly home to ‘Perth’s biggest eyesore’ (pictured) has been unable to attract a buyer despite its prime location and relatively low price point
More than 100 potential buyers fronted the Mosman Park ‘Taj on the Swan’ auction on Friday where just five people were willing to throw their hat in the ring (empty block pictured)
Things started out promising with a first bid of $10million, but stopped far shy of $20million when bidding was eventually passed in at $15.6million.
The Indian-inspired palace stood incomplete on the 6600sq m block for six years – making in a target for vandals, trespassers and illegal parties.
Finally in 2016, the derelict building was torn down and the exclusive parcel of land once again became a blank canvas for potential subdivision or development.
Opportunists have the option to divide the huge block into six separate lots, with each likely to be worth a pretty penny on their own given the pristine position.
Things started out promising with a first bid of $10million, but stopped far shy of $20million when bidding was eventually passed in at $15.6million (concept design pictured)
Owners, tycoon couple Pankaj and Radhika Oswal (pictured), paid $22million for the property 11 years ago, but its seems unlikely they’ll be accepting anything close to that in the sale
The Indian-inspired palace (pictured being torn down) stood incomplete on the 6600sq m block for six years – making in a target for vandals, trespassers and illegal parties
Agents, however, have their bets on buyers keeping the block whole and making use of the potential allowed by the whopping piece of prime real estate.
‘I think most of them would buy it as one super block, Dalkeith Ray White’s Vivian Yap said.
Ms Yap is hopeful she will be able to secure $16million for the Oswals.
‘I think I can get it done, I think I can seal the deal,’ she said.
Finally in 2016, the derelict building was torn down (pictured) and the exclusive parcel of land once again became a blank canvas for potential subdivision or development
Opportunists have the option to divide the huge block into six separate lots, with each likely to be worth a pretty penny on their own given the pristine position