THE controversial Taj on Swan superblock in Peppermint Grove will be auctioned next month after subdivision into six lots failed to attract enough individual buyers.
The 6582sq m block has stood vacant since October, when the partly built $70 million mansion was demolished after a six-year battle between owners Radhika and Pankaj Oswal and the Australian Taxation Office.
When the superblock did not sell for the asking price of $20 million, it was subdivided into six lots earlier this year, with asking prices from $3.9 million to $4.2 million.
Prominent western suburbs real estate agent Vivien Yap said the current low market had forced the “most famous block in Australia” to go under the hammer on Saturday, May 27.
“We’ve had some interest locally, as well as over east and Asia, but not enough genuine interest,” she said.
“We are going to auction so we can really rejuvenate it, that’s what we need to do.”
Ms Yap hoped the auction attracted a lot of interest on the day.
“It will be one of the biggest auctions in the western suburbs’ history for residential,” she said.
“We will ramp up our advertising even more after Anzac Day, as it is school holidays and many people are away.
“We are hoping for big crowds.”
She remained tight-lipped about the price, but conceded $20 million was unlikely.
“We will release the final reserve closer to (the time on) the day,” she said.
“Let’s just get this across the line.”