The fire sale of Rick Stowe's property empire has shifted into top gear, with the sale of a prime metropolitan beachfront residence, 72 hours after it was listed on the market.
WA Business News confirmed both the sale, and a mandate for exclusive authority to sell the Stowe family's Devereaux Farm in Bullsbrook which is understood to have been granted to agent Willie Porteous.
The Swanbourne property, at 26 Odern Crescent, was first advertised on Saturday, and reached the asking price of more than $7.8 million in less than three days. Mr Porteous was the agent for this property.
A trust company linked to Mr Stowe, Stofam, took ownership of the house from former Perth Lord Mayor Sir Ernest Lee-Steere in January 1999, for a purchase price of $1.45 million.
At the time, Sir Ernest reportedly confirmed the proceeds of the sale were used to settle legal action he was fighting against the liquidator of the collapsed Duke Group.
Meanwhile, it is understood Mr Porteous has been appointed to sell Devereaux Farm for $70 million, coming off the back of the prestige real estate specialist's national record-setting sale of iron ore heiress Angela Bennett's Mosman Park mansion for $57.5 million.
The Devereaux Farm at Bullsbrook is most notable for being the site where Prince Harry played a game of polo in October 2003.
Also, Mr Stowe's sprawling beachfront property at Bunker Bay has been listed on the market since October at $20 million.
The property sale comes after administrators were appointed to the Monaco-based magnate's flagship Griffin Coal and four other related companies early on New Year's Day.
