A block of land on Perth's Swan River, which was once meant to be a home to Indian billionaire couple Pankaj and Radhika Oswal has finally been sold.
The dream home never materialised after construction was abandoned mid-way and later demolished after the couple became embroiled in legal cases against the ANZ Bank over loans for their fertilizer business and the Australian Taxation Office involving tax debts amounting to over $100 million.
The Oswals' derelict, half-finished Perth mansion was demolished. (AAP) Source: AAP
It was dubbed ‘the Taj on the Swan’ after India’s iconic Taj Mahal due to its location in Perth’s swanky suburb of Peppermint Grove. An anonymous buyer bought the 6582-square metre block of land for $17 million on Thursday, the Domain reports.
The property was sold anonymously and at a loss of $5 million, after it was passed in at recently held auction on July 28th.
The "Taj on the Swan" is demolished in the Perth suburb of Peppermint Grove after protracted legal battles. Source: AAP
Real estate agent Vivian Yap, from Ray White Dalkeith/Claremont, said, “It is good to be able to seal the final deal.
“It’s good for the suburb and a really good outcome for the buyers. It means a new chapter has begun.”
The Oswals purchased the block for $22.7 million in 2007 and started construction of a flamboyant $70 million mansion the following year. The home was to include seven domes, a temple, gym, swimming pool and parking for 17 cars.
Legal costs in the Oswal/ANZ case have run into tens of millions of dollars. (AAP) Source: AAP
