Sydney property: Blanchett millions poorer
19 August 2016 by News DeskSydney property sales are slowing down and Blanchett has fallen victim after a prospective buyer pulled out of the $20m deal.
Sydney property does not get much better than Blanchett’s luxury trophy home in the exclusive district of Hunters Hill.
The historic residence, called Bulwarra, is a 3,642-square-metre estate at North Parade. Hollywood star Blanchett and husband Andrew Upton spent many months negotiating sale of their Sydney property to a Chinese millionaire buyer.
Australian-born Cate thought she’d sold her home just three weeks after it went on the market.
The buyer paid $19.8 million for the property last August then asked to delay final settlement.
Now the buyer says there are problems getting money out of China to pay for the estate, and the sale has fallen through.
Sydney property: Blanchett millions poorer
Disappointed Blanchett, star of hit movies like Lord of The Rings, bought the luxury Sydney property for $10 million in 2005. She then spent three years and more than $8 million re-designing the place.
Actress Cate and husband Andrew Upton put the estate up for sale last year after buying a luxury home in Britain.
On the strength of the expected sale the big screen star then purchased an $8 million luxury apartment in the high-rise Astor Tower on Sydney’s Macquarie Street to provide a Sydney base.
The failed home sale could now result in legal action as Blanchett could launch a court case to claw back any potential financial losses following the buyer’s pull-out.
China is Australia’s biggest foreign investor with $46.6 billion flooding into the country in 2015. Property investment makes up the bulk of Chinese investment with $24 billion spent in 2015, double the amount of 2014.
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