It will be the most expensive sale in Queensland’s history and it will cost $20 million.
The $40 million sale of a Victorian mansion on the outskirts of Brisbane is set to be announced next month.
The sale is set down for May, but the listing agency, Christie’s, has said it may take a few months for the details to be released.
Key points:The sale price is set at $40M but it could rise to $40.9MThe sale will be made by Christie’s agent, Andrew Schulte, who has represented the family for 20 yearsMr Schulten is one of several family members who have been involved in the sale for a number of yearsThe sale has drawn criticism from a range of groups including former members of the family, former politicians and community leaders, who claim the house will be sold to a Chinese family and that it has been a blight on the community.
It has also drawn scrutiny from Queensland’s chief executive, Chris Hartcher, who said it was unacceptable that a Victorian family had been allowed to sell their property at a time when the State Government was reviewing its policies to tackle homelessness.
“I have made it very clear to the family that I am going to work with them to make sure that they don’t have to leave this community because they are selling their home,” Mr Hartcher said.
“It’s a very tough decision for us to make, but we are working with them and will do everything we can to ensure that they stay in the community.”‘
Not going to be a house of honour’The sale of the house on Westfield Terrace in South Brisbane was initially planned to be completed in 2021 but has been delayed for more than two years, due to the uncertainty of the Chinese ownership.
The house was sold by the then-chief executive of the Victorian State Government, Robert Clark, in the late 1990s and is believed to have been worth around $20m.
“The sale was originally supposed to be finished in 2021 and the sale was completed in the mid-2020s,” Mr Clark said.
But in June, it was announced that the sale of properties at South Brisbane’s Westfield Estate would be delayed for a further year.
“We can confirm that it will be delayed until 2023, in order to complete the sale process, and we are continuing to work closely with the Chinese community to secure a sale for the properties,” Mr Schultes said.
He said the family was considering a range and range of offers for the property, but no final offer was expected until the end of this year.
Mr Schults house will not be made available for sale until after it has undergone a series of tests and is in the final stages of inspections.
“This is an amazing home, this is a beautiful house, it has the perfect climate for an adult family to live in, so it’s really important for the buyer to go through this process,” he said.’
Very significant’Mr Schults family will not receive a lump sum payment of $10 million from the sale, instead it will receive $1.2 million towards its expenses.
The Chinese family is expected to pay $3.8 million for the home, but it will not get the tax break that most Australian owners do.
The property will be a rental property, meaning it will also cost a premium price to the buyer, but Mr Schults hopes the family will still be able to get by with the money they have made.
“If they can make it work for them financially and the money that they have spent, it’s going to make this house really special for them,” he added.
“My whole family has come to this house with a strong belief in it, so this is going to change the lives of the other family members.”
Mr Schullts family has been involved with the sale since it was first proposed in 2012.
“From the beginning we’ve had the same ambition, to make it happen, to get it done,” Mr Shults said.
Mr Clark told the ABC in 2013 that he did not think the property was a good fit for the community and that he had been told it would be a blight.
“For me it was a very significant decision because it would mean that I would be responsible for the maintenance of the home and it would also mean that there was a risk of damage to the property,” he told the program.
“There’s no way around it.
The only thing that I can think of is that there’s no one left to maintain it.”
Topics:housing-industry,community-and-society,housing,market-and/or-rental,state-parliament,princessland-5290,south-brisbane-4000,brisbane-rainbow-island,southport-5606Contact James AllenMore stories from Queensland