Beleaguered entrepreneur Ric Stowe has reportedly put his lavish West Australian mansion on the sale block with a price tag of $70 million.
The mansion, located north of Perth, is set on 2,471 hectares and includes a helipad, swimming pools, a guest house and polo fields.
According to a report in the Australian Financial Review, Stowe has appointed Perth luxury home agent William Porteous to sell the property.
Stowe’s Griffin Coal collapsed on January 3 with debts of between $700 million and $1 billon. Administrators from KordaMentha are currently trying to sort out the finances of Stowe’s notoriously complex and private company structures.
The AFR also reports that a trust company linked to Stowe sold a home in the Perth suburb of Cottesloe for $7.85 million.
If Stowe can pull off the $70 million sale, it would represent a new Australian record for a home sale, eclipsing the record set just last month when mining executive Chris Ellison paid $57.5 million for a mansion in the Perth suburb of Mosman Park.
Last year also saw the setting of a new record price in Melbourne, when a home in the suburb of Hawthorn was sold for $25 million.
Earlier that month, Lachlan Murdoch paid $23 million for a mansion in the Sydney suburb of Bellevue Hill.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
