Famous Taj on Swan block appears to have found a buyer, less than a week after it passed in at auction

The Perth property which until recently accommodated an incomplete, distinctive mansion which became dubbed around the world as the Taj on Swan, appears to have found a buyer.

The Peppermint Grove site, pictured above and left, and advertised during its most recent public sale campaign as “the most famous block in Australia”, is speculated by Perth Now  to be under offer for about $17 million.

Any purchase agreement comes within a week of 2 Bay View Terrace passing in at an auction, where bidding achieved $15.6 million. The campaign for the 6582 square metre block was managed by Ray White Dalkeith Claremont’s Vivien Yap and Pheobe Shi, in conjunction with Sotheby’s International’s Graham Bowie.

A previous sale attempt last year was cancelled reportedly due to a lack of interest and despite price expectations falling to $19.5 million from $30 million a year earlier.

The speculated selling price this time around is substantially less than the $22.7 million businessman Pankaj Oswal and his wife, Radhika, paid for the land in 2007.

An opulent Indian-style palace the couple started building on the site shortly after – and which was speculated would cost about $70 million to complete – was designed with seven domes, a temple, and parking for 17 cars. The home, overlooking the Swan River foreshore, was torn down in late 2016 by the Shire of Peppermint Grove council.

During the period the mansion stood incomplete, the Oswal family became engaged in a high profile legal dispute (now settled) with ANZ Bank.

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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