Everyone loves a good discount, but one unfortunate Chinese billionaire has set a new standard by selling two enormous, unfinished Chinese-style villas, which originally cost $75 million to build, for just $1.95 million each.
The lucky buyer, a non-profit organization from Victoria with ties to China, secured this incredible opportunity at a 94.67% discount. These unfinished “Confucius Palaces in Chinese Style,” located in Banjup, a southern suburb of Perth, Australia, sit on 4.48 hectares of land. With an astounding 80 rooms, multiple kitchens, a library, museum, multifunctional theater, and vast conference and dining halls, these palaces, once owned by billionaire James Tan, owner of Superworld Holdings, left no luxury unimagined.
Everything from the pools to the four courtyards was designed following Feng Shui principles, aimed at bringing prosperity and good fortune. However, it seems luck abandoned this grand estate, which blends ancient Chinese Jingpai and Huizhou architectural styles. Ironically, the property is located on lot number 88, a number symbolizing wealth and luck in Chinese culture. One of the buildings was even painted bright red and yellow, colors considered lucky in Chinese tradition.
Apex Construction worked on the palaces for three years, from 2014 to 2017, before construction was halted when Tan returned to China due to family reasons, leaving the homes unfinished. The sale was handled by Effective Property Solutions, whose founder, Ervin Edlinger, reported massive interest. According to the Daily Mail, “We received 250 inquiries a day from all over the world. I’ve never seen such demand in my 20 years in real estate,” said Edlinger. “We had multiple cash offers and requests for quick settlements, and some buyers were ready to purchase the property without even visiting it.”
The new owner now plans to complete construction, which is about 90% finished. This grand residence is reminiscent of another abandoned property, built by the King of Saudi Arabia and Prime Minister Fahd in Marbella. His luxurious retreat was a replica of the White House, adorned with marble and gold.
Unlike the Confucius-style palaces, which were sold for a fraction of their value, King Fahd's summer house remains a pale shadow of its former grandeur.
