Chinese businessman's Hawthorn East sold under FIRB watch
An English-style Hawthorn East house identified has having to be sold under the FIRB foreign investor crackdown was sold mid-week, nine months after failing to sell at November auction.
The divestiture clock was ticking for the Chinese businessman ordered to sell his $5.2 million Hawthorn East mansion after the Australian Taxation Office found the home was bought without the required approval.
Set on a substantial 1455 sqm Higham Road block, the five bedroom English-style mansion was bought by Li Jian Guo in 2014.
It was purchased by the Bentley-driving Chinese businessman at auction when he used $300,000 bids to knock out rivals at the auction.
Surrounded by manicured gardens with the rear garden centering on a pool and large alfresco dining area, it was listed with $5.95 million hopes through Kay & Burton agents Ross Savas and Jamie Mi. It had previously sold in 1988 at $940,000 when bought by the Karkar family.
The property was the first in Victoria to be slapped with a divestment order by the Treasurer Scott Morrison.
This article was first published in The Weekend Australian.