The property was sold by Graham Bowie, Group Managing Director of Western Australia Sotheby’s International Realty in conjunction with Vivien Yap from Ray White Claremont.

Mr Bowie achieved the record price of $17 million for the block of land, once owned by flamboyant billionaire tycoons, Pankaj and Radhika Oswal.

The buyer was local, and it "was quite a good price under the circumstances".

“After intense negotiating I am pleased with the interest and outcome of the sale,” said Mr Bowie, who has been involved in creating both local, national and global interest throughout the campaign.

"The previous owners paid $23 million which was in the boom times for Perth."

“It’s an exciting time for Perth and we are proud to be instrumental in driving a successful outcome.” 

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Following the land being listed with top local agents for the last three years, Sotheby’s Realty were appointed to market the property, with worldwide exposure focussed in the UK, Europe, US, Asia and China.

Sotheby’s Realty said this approach delivered a strong result by placing external pressure on the eventual local buyer.

With significant attendance and public attention at the auction reaching $15.6 million, the negotiations continued throughout the week to finalise at $17 million, with interested parties locally, nationally and from overseas in competition.

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"The auction at $15.6 million was over local expectations, and most local agents thought $17 million was impossible at the time," Mr Bowie told WILLIAMS MEDIA.

Mr Bowie said the property had been completely demolished and was sold as a block of land. 

"When the owners came to us it was a shell, and squatters got inside and painted grafitti all over it and had rave parties. It was an eyesore.

"The neighbours are highly delighted with the sale!"

The estate had failed to sell previously at auction, despite being dubbed Australia's ‘most famous block of land’.

“The result confirms that the Perth market continues to gain momentum, and we have interested buyers still looking to secure properties of significant value.”

The CoreLogic Property Market Indicator for the week ending August 12 shows Perth had an auction clearance rate of 43.8 per cent, with 29 auctions, compared to 39.1 per cent and 35 auctions last year.

Of the 29 auctions last week, seven were cleared and nine were uncleared.

Perth had a -0.7 per cent capital city home value change in the last week, and a -2.1 per cent change in 12 months.

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