A foreign investor has 90 days to sell a $39 million mansion in Sydney’s exclusive of Point Piper, after it was found to have been illegally held under foreign investment laws.

Treasurer Joe Hockey made the order, forcing the sale of ‘Villa del Mare’ just before parliament’s question time on Tuesday.

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The mansion has a $39 million view across Sydney Harbour. Photo: Facebook

Mr Hockey said the property was bought illegally by Golden Fast Foods, which is owned by Evergrande Real Estate Group, a large company listed on the Hong Kong Stock Exchange, via a string of shelf companies including in Australia, Hong Kong and the British Virgin Islands.

In a statement the Treasurer said: “Under Australia’s foreign investment policy, foreign investment should increase Australia’s housing stock. Non-resident foreign nationals cannot buy established dwellings as homes or investments.

“I made this order following advice from the Australian Government Solicitor that the purchase breached the Act. Under the Divestment Order I have issued today, the company now has 90 days to dispose of the property or the matter may be referred to the Commonwealth Department of Public Prosecutions.”

Mr Hockey said the government welcomed foreign investment, but was serious about enforcing the law.

– with AAP