Andrew Forrest buys historic Cottesloe mansion 'Tukurua' as dispute resolved

I just thought to let you know this investment opportunity. This Detached Single Story Unit is situated on a Fantastic Quiet Location! Close to School, Elizabeth Rise, Munno Para Malls, German Club. Situated back to back with The Boys Scout Association ,SA This is a detached Home on a spacious Lot of 439 Sq.M. The home is cheaper than price of land itself. Asking just $220,000. It was recently rented at $295/ week. This 3 bedrooms beautiful home in Elizabeth Downs, all carpeted, 1 bathroom, single carport, 430sqm land abutting back to back with The Boy Scouts Association SA Branch (Guides SA) is situated next to German Club opposite Elizabeth Downs School, Oval & Church. Owner have recently laid new floating boards in living room and lounge. Express your interest now. This one won't stay long being cheaper then land itself. Call Saqlain 0431 138 537 for further info and inspection. http://www.realestate.com.au/property-unit-sa-elizabeth+dow…, ‪#‎ElizabethDowns‬, ‪#‎GermanClub‬, ‪#‎Scouts‬, ‪#‎GuidesSA‬, ‪#‎MunnoPara‬ http://www.realestate.com.au/property-unit-sa-elizabeth+downs-121516166 ======================== By Rebecca Trigger and Courtney Bembridge Updated about an hour ago Andrew Forrest buys historic Cottesloe mansion 'Tukurua' as dispute resolved By Rebecca Trigger and Courtney Bembridge Updated about an hour ago Historic mansion Tukurua in Cottesloe is up for sale 27 July 2014 Photo: Historic mansion Tukurua in Cottesloe has been bought by mining magnate Andrew Forrest. (Louise Merrillees) Related Story: Expensive real estate or priceless asset? Related Story: Cottesloe mansion could sell for as much as $50m Map: Cottesloe 6011 Mining magnate Andrew Forrest has bought a historic mansion in the exclusive Perth suburb of Cottesloe for a vastly-reduced price tag after the 81-year-old owner agreed to settle following a public dispute over the contract. Tukurua, a sprawling 5,001-square-metre beachside estate built as a summer house for WA's first attorney-general Septimus Burt, went on the market in mid 2014 with speculation it could fetch up to $50 million. Mr Forrest and the owner Edward Smith put out a joint statement confirming the sale, believed to be in the ballpark of $16 million. The iconic property was left to Mr Smith when the previous owner and his close friend Dorothea Cass died in 1994. At the time it went on the market, Mr Smith told the ABC he was looking to downsize after spending years restoring the property, which was ravaged by sea water and the passage of time. Mr Forrest signed a contract with Mr Smith earlier this year to sell the grand 21-room property for $16 million. However, Mr Smith later made a public appeal to Mr Forrest to withdraw from the contract, saying he wanted to stay in his home of 43 years. During the very public dispute, Mr Forrest announced he would use the vast property to house some of the 12,000 Syrian refugees coming to Australia as part of a special humanitarian intake. Mr Smith then erected a sign up on the balcony of the home, saying he would borrow $1 million and donate it to support Syrian refugees if Mr Forrest agreed to back out of the contract. Mansion sale Photo: Ted Smith said the process of selling the property was difficult given he had lived there for more than 40 years. (ABC News: Louise Merrillees) In the statement, which a spokesman for Mr Forrest said was a condition of settlement, Mr Smith apologised "unreservedly for any suggestion that Mr Forrest may have acted improperly". "This was not the case and it was not my intention to imply this," the statement said. "The process was difficult for me to accept, given I have lived in the home for more than 40 years. "I am confident Tukurua is going to a family that will cherish this heritage home and look after it for Western Australia as I have. "The sale was very amicable, with the finer details taking a little longer to work out, but the Forrests have also graciously allowed myself and my charitable interests to remain in the home rent free for an extended period to complete my personal affairs." Mr Smith will be able to stay in the property until March 2017, and will then move to an annex behind the building where he will stay until June 2017. Mr Forrest has agreed to discharge all interest accruing on the failed settlement, set at 9 per cent annually on a $9 million final payment after an initial deposit was paid. A spokesman for Mr Smith said his client would likely stay in Perth once he moved out of the historic home. Mr Smith was not available for comment. A spokesman for Mr Forrest said Mindaroo, Mr Forrest's charity arm, would be guided by state and federal authorities as to whether refugees could be housed at the property once it is vacated by Mr Smith. Mr Forrest currently lives in a five-bedroom home on a smaller block in the same suburb he bought for $2.7 million in 2000.