Now, however, it is expected to be demolished. The property’s value lies in its subdivision potential. Other buyers may consider demolishing the home and rebuilding a new one.
It is expected anybody who retains the home will change the design which is controversial in the well-heeled suburb. The home would overlook the Swan River and Manners Hill Park.
The ATO is also seeking to recover funds from another home owned by fertilizer tycoon Pankaj Oswal, as part of its plans to recover a tax debt.
The other home is located in another suburb, Dalkeith, nearby and was worth $1.9 million ten years ago.
According to the AFR, over the past 18 months Mr Oswal lost control of a $1 billion empire, Burrup Fertilisers. The company was built from a factory on a desolate peninsula in WA’s Pilbara region.
The businessman denies any wrongdoing and disputes the size of the ATO’s claimed debt.