Tuesday, 24 July 2012 00:18
THE distinctive half-built Perth mansion dubbed by locals as the ‘Taj on Swan’ is a step closer to being sold after the Australian Taxation Office moved proceedings in the Federal Court.
The half built home (pictured above at various stages of construction) on the corner of Bay View Terrace and Keane Street in Peppermint Grove is expected to fetch between $15 million and $18 million, according to sources.
It’s been reported the domed structure was costing $70 million to construct, and upon completion would be one of the most expensive properties in Australia.
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.