Two Banjup mansions in Perth’s southern suburbs sell on the cheap

Two dilapidated Perth mansions which reportedly cost their billionaire owner up to $75m to construct have been snapped up for a combined $3.9m.

Inspired by Chinese architecture, the family home and guest house sit on neighbouring parcels of land on Coffey and Beenyup roads in Banjup, in the city’s southern suburbs.

They were built between 2014 and 2017 but have never been lived in because their former owner was forced to return to China for family reasons.

Put on the market, they were secured for $1.95 million each by an undisclosed Victorian not-for-profit association which also has a head office in China.

Effective Property Solutions — a specialist development site sales agency — managed the sale, which founder Erwin Edlinger said attracted “unprecedented” demand.

“The property attracted a cash offer, sight unseen,” he said.

“The seller is very happy with this result.”

Edlinger said the new owner “intends to finish the build and retain it for Asian cultural purposes”.

The properties, situated on a combined 4.5 hectares, feature large bedrooms with ensuites, multiple living areas and kitchens, private dining rooms, large conference halls, a multi-functional theatre, a museum and a main event hall.

The main building materials were shipped over from China to maintain the authenticity of the construction.

Pre-sale market feedback suggested the properties could sell for between $3m and $5m.

Edlinger said more than 250 enquiries flooded his office and the firm conducted more than 20 group inspections of the rural sites.

Former owner James Tan had dreamed of it being a multi-generational home but that was never realised because he had to return to China for family reasons.

7NEWS.com.au was told he pumped upwards of $50m into the project, and reports suggest his spend could be as high as $75m for construction and landscaping.