Just 60 blocks have been developed since 2006.
It needs about another $135 million invested “to meet development goals”.
Bank St George has a first mortgage over the physical land, meaning it hasn’t yet called on its $10 million debt.
The land was worth about $90 million before the 2008 economic downturn, but is worth about $45 million now. The AFR reports Mr Saraceni has tipped about $40 million into the project.
Exclusive private Perth boys school Christ Church Grammar also has about $1.2 million exposed to the coastal Vasse Newton project.