Taj on Swan auction stops with $15.6 million offer
Staff reporterDecember 7, 2020
The abandoned home building block of flamboyant billionaire tycoons, Pankaj and Radhika Oswal was passed in at Saturday auction in Perth.
The top bid was $15.6 million with three of the five registered parties competing for the prize parcel at Peppermint Grove.
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Marketed as "the most famous block in Australia" the 2 Bay View Road site was listed through Ray White agent Vivien Yap inconjuction with Sotheby's agent Graham Bowie.
Two years ago there were $30 million hopes for the prestigious Perth offering, after the partially built so-called Taj on Swan mansion was demolished under council orders.
The 6582 sqm site, which could fit six homes, had reduced $19.5 million hopes last year.
The mansion with Swan River views sat unfinished after the Oswals quit Australia in 2010 amid a dispute with bankers about the wind up and sale of their fertiliser business.
The Oswal family had controlled WA's $700 million Burrup Fertilisers gas-processing plant
The Oswals paid $22.7 million in 2007 then starting construction a year later on a "two-storey, Indian-infused luxury residence."
Auctioneer Mack Hall received an opening bid of $10 million, with offers quickly jumping up in $1 million increments before proceedings paused for negotiation at around the $14 million mark.
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