Mining magnate Andrew Twiggy Forrest buys Le Fanu mansion at Cottesloe, Perth

Australia’s richest man has just added another gem to his property portfolio, buying one of Western Australia’s most historic and lavish mansions. 

Mining tycoon Andrew ‘Twiggy’ Forrest has been confirmed as the buyer of the Le Fanu residence in the trendy beachside Perth suburb of Cottesloe.

The property spent 1200 on the market before it was placed under offer in early August but the buyer had remained a mystery for a month. 

The purchase price has not been revealed but a spokesperson for Mr Forrest confirmed he is the new keyholder.

Andrew Forrest and philanthropist Nicola Forrest outside the University of WA (pictured)

‘Andrew Forrest has purchased Le Fanu, a heritage-listed ocean-front property, located at 2 Salvado Street, Cottesloe, a landmark piece of West Australian history,’ a spokesperson for Mr Forrest told The West Australian.

‘He is committed to returning the home to its original condition and preserving its unique heritage value… The Federation Queen Anne style building was one of the suburb’s first residences when built in the late 1800s.’

Mr Forrest and wife Nicola already own two properties in Cottesloe – one being the historic Tukurua mansion he bought for $16million in 2015 and the other a vacant block under construction.

The mansion features six bedrooms, six bathrooms, and  a 10-car garage with marble floor (pictured)

The property was dilapidated until 2009 when the house was snapped up for just $4.25million, much lower than the asking price of $6.5million

Le Fanu, sitting on a 1492sqm block, underwent a significant renovation after being purchased in a dilapidated, rundown state by fellow mining magnate Steve Wyatt in 2009 for $4.25million.

Mr Wyatt spend up to $12million restoring the property, said to be one of the most expensive renovations ever done in Western Australia.

The six-bedroom, six-bathroom house contains limestone feature walls, a 10-car garage with a marble floor, a wine cellar with tasting room, and a three-storey internal lift. 

The kitchen includes a large marble island bench, the loungeroom has floor to ceiling arch windows and its original ornate pillars, and the first floor wraparound verandah has uninterrupted beachfront views. 

A large marble island bench in the kitchen matches the marble floor continued throughout the ground level (pictured)

The 1492 square metre block boasted 36 metres of ocean frontage but due to the heritage listing, no-one was allowed to knock it down and re-develop

Originally built in 1893, the home was called Banksia for the then-manager of the Western Australian Bank, Henry Diggins Holmes and his family.

Briefly owned by the Anglican Church, it was then sold to an Esperance farmer in 1973 who intended to use the property as a beach holiday home but let it fall into disrepair. 

Zorzi Builders did the reconstruction work with more than 300 tradies involved and the home was sold by Vivian Yap of Ray White.

An historic 125-year-old home in Perth is on the market for $17million after it spent years sitting abandoned and in ruins

The three-storey house has uninterrupted views of the Cottlesloe beachfront (pictured)