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Oswals seek $30m for Taj on Swan land in Perth

The land could be sold as one big block or up to eight smaller plots, the Oswals' listing agent says.

The land could be sold as one big block or up to eight smaller plots, the Oswals' listing agent says. Photo: AAP

Former Perth millionaire couple Radhika and Panjak Oswal want at least $30 million for the supersized plot of riverfront land where their unfinished Indian-style mansion is being demolished.

Their listing agent, Vivien Yap from LJ Hooker, said that was the price they listed in the paperwork for the massive 6582 square metre block in wealthy Peppermint Grove – Perth’s most sought-after suburb.

Demolition teams moved in on Monday and began tearing down the domes and arches of the $70 million partially built palace dubbed the “Taj on the Swan”, an iconic landmark and an eyesore to many.

Construction stopped after the Oswals left Australia in December 2010 following the collapse of their ammonia company Burrup Holdings.

Ms Yap, who is seeking expressions of interest for the land, said the couple were prepared to sell the property either as one massive block or up to eight smaller plots.

“By the time they have it all completely subdivided they are hoping to achieve a total price of maybe approximately $30 million, because that is something they actually did list on the paperwork,” she said.

The Oswals already had approval to subdivide the land into six blocks between 838 and 1001 square metres in size, and are seeking approval for two extra smaller blocks.

“By breaking it up we are actually trying to achieve the highest price, so we have got two other smaller blocks that [are] around the 400-plus square metres which are smaller,” Ms Yap said.

“I think that is also quite sought after. However that has not been approved for subdivision [yet].”

Pankaj and Radhika Oswal already have approval to subdivide the land into six plots.

Pankaj and Radhika Oswal already have approval to subdivide the land into six plots. Photo: AAP

The Taj on Swan had deteriorated badly since 2010 and was reportedly being used by squatters and drug addicts and as a location for illegal parties.

The council won its long-running battle to tear it down after the Oswals failed to act on an undertaking in the State Administrative Tribunal to demolish it by September 30.

Peppermint Grove council is owed $108,000 in unpaid rates, and the Australian Tax Office has a freeze on the sale of the property over millions in alleged unpaid taxes.

The demolition is due to take three weeks.

Last month, ANZ reached a commercial settlement with the Oswals after the couple sought $1.5 billion over the terms of sale of their ammonia empire by the bank.

The couple had argued the $US560 million sale of their 65 per cent stake in 2012 represented less than half its true value.

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