Has Andrew McManus sold his Toorak mansion for $12m? Mooted sale: The Myoora Road mansion in Toorak owned by Andrew McManus. Embattled music promoter Andrew McManus may have been thrown a financial life-line by a mainland Chinese home buyer who is believed to have paid $12 million for his plush Toorak mansion. The mooted sale follows the collapse of two companies in Mr McManus' business empire earlier this month that had run up debts now estimated at more than $1.57 million. Mr McManus, who once managed the Divinyls, has brought some of the world's biggest musical acts to Australia, including the Who, Whitney Houston and Snoop Dogg. Fluctuating asking price: The front of the property. But the legendary promoter has experienced a string of professional setbacks in recent years, with another of his entertainment companies collapsing under a $4.2 million debt in 2011 and losing tours by Aerosmith and Fleetwood Mac to competitors this year. Mr McManus has been trying to sell the six-bedroom, six-bathroom house on Myoora Road for more than two years, dropping his price expectations from $14 million to $10 million at one stage. Industry sources say a mainland Chinese buyer ended up paying about $12 million for the mansion, which features a reception room with bar, lap pool, home theatre, wine room and six-car garage. Mr McManus bought it for $8.75 million in 2008. Moving on: Andrew McManus.. Title documents show the property was used by Mr McManus as security for a loan to McManus Entertainment Pty, one of the companies that was put into administration in early September. The debts owed by McManus Entertainment and Sydney Resolutions have been assessed at $1.57 million to date. About $329,000 is being claimed by the Tax Office, while Mr McManus is personally claiming $1 million from one of the companies. Mr McManus denies the property has sold. "It's 100 per cent not sold," he said. Mr McManus declined to answer further questions. Listing agent Jeremy Fox of RT Edgar also declined to comment. The Myoora Road home is believed to be the second Toorak mansion to be snapped up by a mainland Chinese buyer in as many weeks. Peter Devitt, of building company LU Simon, sold his St Georges Road estate for $20 million to a Chinese national who flew to Melbourne on a private jet specifically to close the deal. cvedelago@theage.com.au Twitter: @chrisvedelago