Rockingham’s iconic beachfront mansion is expected to sell for much cheaper than it’s worth

Perth real estate king William Porteous expects Rockingham’s most stately and expansive oceanfront mansion will eventually sell for half what its worth, due to local housing being so much cheaper than the golden triangle suburbs he generally wheels and deals in.

The 5228sqm Shelton Street property with an indoor pool and unobstructed views of Warnbro Beach was scheduled to go under the hammer at the weekend, but the auction did not go ahead.

Mr Porteous said two people had shown serious interest but neither were in a position to bid at auction, with their offers still subject to finance.

Built 30 years ago by a wealthy English family, the Waikiki house has only ever seen life as a holiday home when they travelled from the UK.

Now living in WA and with an extensive property portfolio across Perth’s affluent western suburbs, the couple have finally decided to sell the Shelton Street residence.

The one-of-a-kind mansion features eight bedrooms, five bathrooms, an indoor pool, two wet bars and unobstructed views of Warnbro Beach.

Mr Porteous said that anywhere else, the property would “easily” be worth $10 million but in Waikiki it won’t “pull that kind of money”.

“The house is cheap as chips,” he said.

“This is a beautiful mansion, a truly exceptional house, but not many people are building big houses in Rockingham and Safety Bay because they just don’t have the money.”

Mr Porteous believes the immaculately maintained house is worth at least $5m.

“This house is so good, you wouldn’t need to renovate it because everything is done,” he said.

“It has new carpets, new curtains, new bathrooms, a new kitchen, everything.

“Even though the owners don’t live there, they continue to modify the house and keep it up to date because money is really no object to them.”