THREE years after dropping a record-breaking $6 million on a waterfront Lake Macquarie acreage at Eraring, the owner has sold the sprawling estate at a huge loss.
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The property at 7 Foreshore Street went to auction on Sunday after its owner Sydney businessman John Changjin Li's company was placed into liquidation.
The property was sold after auction for $4 million, according to results posted on the AuctionWorks website on Monday.
![The original $6 million home at 7 Foreshore Street, Eraring was gutted to make way for alterations and additions understood to cost approximately $5 million. Picture supplied The original $6 million home at 7 Foreshore Street, Eraring was gutted to make way for alterations and additions understood to cost approximately $5 million. Picture supplied](/images/transform/v1/crop/frm/170682627/ba9e841e-9a1b-49a3-ad76-02429209cc37.jpeg/r0_0_1024_648_w1200_h678_fmax.jpg)
![The original home at 7 Foreshore Street featured high-end features throughout before construction began. Picture supplied. The original home at 7 Foreshore Street featured high-end features throughout before construction began. Picture supplied.](/images/transform/v1/crop/frm/170682627/511d0834-5ca9-499a-9011-3ee0afe743c3.jpg/r56_24_1040_640_w1200_h678_fmax.jpg)
That's a loss of at least $2 million on the property which previously held a luxury tri-level six-bedroom, six-bathroom home that featured a high-end kitchen, a billiards room, a wine cellar and a sauna.
The property, known as Mandalay, now resembles a construction zone after a $5 million bespoke rebuild was left unfinished.
The project was abandoned after the company that bought the property, One Lake Macquarie Pty Ltd and of which Mr Li was a director, was placed into liquidation in June.
![The photos from the listing in 2020 displayed a collection of luxury cars in the 14-car garage at 7 Foreshore Street, Eraring. Picture supplied The photos from the listing in 2020 displayed a collection of luxury cars in the 14-car garage at 7 Foreshore Street, Eraring. Picture supplied](/images/transform/v1/crop/frm/170682627/7a4c272f-9a88-4cc2-bc29-26c23740557a.jpeg/r0_0_1024_700_w1200_h678_fmax.jpg)
It was one of two properties owned by Mr Li purchased under that company name that went to auction on Sunday.
The dilapidated three-bedroom home on 3.7 acres at 9 Rocky Point Road was sold after auction for $2.5 million, handing the owner a loss of $600,000.
According to CoreLogic, One Lake Macquarie Pty Ltd purchased the property for $3.1 million in November 2021.
![The owner paid $3.1 million for the home at 9 Rocky Point Road, Eraring in 2021 but it is now in a dilapidated state, including the pool. Picture supplied The owner paid $3.1 million for the home at 9 Rocky Point Road, Eraring in 2021 but it is now in a dilapidated state, including the pool. Picture supplied](/images/transform/v1/crop/frm/170682627/464e78e9-c191-4039-a9cb-2b3856301e39.jpeg/r0_0_1024_696_w1200_h678_fmax.jpg)
Selling agent Nina Sokolov from Sydney-based agency, Raine & Horne Avalon Palm Beach, oversaw the marketing of both properties.
The Newcastle Herald contacted the agent for a comment about the sales but she could not be reached.
The string of property sales follows the reported recent breakdown of Mr Li's marriage of less than three years to his estranged wife Meihong Yang.
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