Everyone loves a good bargain, but a rather unlucky Chinese billionaire set a new benchmark when he sold two sprawling, dilapidated Chinese-style mansions, originally costing $75 million to build, for a mere $1.95 million each. The lucky buyer, a Victorian non-profit with ties to China, snagged this once-in-a-lifetime discount of 94.67%. The unfinished ‘Chinese Style Confucius Mansions,’ located in Banjup, a southern suburb of Perth, Australia, sit on 4.48 hectares of land. With an astonishing 80 rooms, several kitchens, a library, a museum, a multi-functional theatre, and expansive conference and dining halls, this palatial residence, owned by billionaire James Tan, the owner of Superworld Holdings, left nothing to be desired.
Everything, from the swimming pools to the four courtyards, was designed in line with Feng Shui principles, intended to usher in prosperity and good fortune. Yet, luck seemed to have abandoned the striking property, which blends ancient Chinese Jingpai and Huizhou architectural styles.
Ironically, the estate is located on Lot 88, a number synonymous with wealth and luck in Chinese culture. One of the buildings is even painted in bright red and yellow, both auspicious colors in Chinese tradition.
Apex Construction worked on the mansions over three years, between 2014 and 2017, before construction was halted when Tan returned to China for family reasons, leaving the homes unfinished. The sale was entrusted to Effective Property Solutions, whose founder, Erwin Edlinger, reported an overwhelming response, according to Dailymail, “We received 250 inquiries daily from around the globe. I’ve never seen such rampant demand in my 20-year real estate career,” he said. “We had multiple cash offers and requests for quick settlements, with some buyers even willing to purchase sight unseen.”
The new owner now intends to complete the construction, which is about 90 percent finished. This stately home is reminiscent of another abandoned abode, built by the ruler and Prime Minister of Saudi Arabia, King Fahd, in Marbella, Spain. His opulent holiday home was a replica of the White House, adorned with marble and gold.
The 200-acre estate once boasted luxury villas, swimming pools, a heliport, a private clinic, and a mosque. Unlike the Chinese Style Confucius Mansions, which sold for a paltry sum, King Fahd’s abandoned summer home stands as a mere shadow of its former grandeur.
[All images via Real Commercial Australia]
