August 22, 2017

Failed Tycoon’s $50 million ‘bargain’ property up for auction

The perfect little weekender. Yours for a bargain $50 million.

Fancy owning one of the most expensive properties in Australia? The iconic Devereaux Farm one hour’s drive north-east of Perth is up for aution next week.

In the hands of receivers after its owner of 40 years Ric Stowe went bust in January last year. Stowe was one of Austrlia’s richest men until his compnay, Griffin Coal went belly up with debts of over $1 billion.

Devereaux Farm near Bullsbrook, Western Australia is a 2470 hectre property that includes such essentials as an internationally-recognised polo field, two helipads, two swimming pools, a tennis court, its own river and dam, two mansions and three cottages.

John Garland of Garland International who are marketing the property says “after being on the market for a year, the property was likely to sell for about $50 million – well below its original asking price of $68 million.”

The receivers failed to get the $68 million asking price when it was on themarket last year.

Something close to that proce would make it Australia’s most expensive domestic residence. Eclipsing Angela Bennett’s Mosman Park mansion that sold for $57.5 million in 2009.

Mr Garland said he had had interest from the richest of the rich within Australia as well as overseas. But then again he would say that. Hardly likely to say “nah – not a dicky bird. no one wants a bar of it”.

For those with fertility on their mind there is even an artificial insemination breeding complex, which can hold 300 horses in more than 100 stables.

On the land itself there is room for 300 cattle to roam among the tree’s and pasture.

The new mansion which was built 10 years ago includes, eight-bedrooms, eight bathrooms, nine fireplaces and its own theatre.

The nearby original 12 bedroom mansion dates back over 100 years.

So anyone interested?