From $70m to $25m, former miner's mansion finds buyer Ric Stowe's mansion Devereaux Farm, near Perth. FALLEN coal titan Ric Stowe's vast West Australian retreat Devereaux Farm, once estimated to be worth about $70 million, is set to change hands for just $25m. The 20-room mansion, which is set on a 2470ha site at Bullsbrook on the outskirts of Perth, was completed in 2003. Mr Stowe's Griffin Coal empire collapsed in January 2010 with debts close to $1 billion. Mr Stowe tried to buy back the property in May 2011, but reportedly failed to come up with the money despite an auction having been held off to accommodate his planned purchase. The Commonwealth Bank is the major lender and it has now spent 3 1/2 years patiently trying to sell the property with so far scant success, while all the time the asset racks up expenses in the form of three full-time staff and inevitable maintenance bills. GALLERY: See inside the Stowe estate Aside from the main three-level veranda-wrapped house, which is built in traditional style, the property has a total of five residences, two helipads, a polo field where Prince Harry once played, stabling for 12, and parking for 10 cars. There are fireplaces in nine rooms. PPB Advisory placed the house with agents Jones Lang LaSalle and Garland International, although a tender process late last year did not produce a successful bid. West Australian rural identity Graham Crouch was reportedly close to agreeing a deal to buy the property in April for about $25m, a price the bank would have accepted, but the deal did not go past the due diligence stage. Mr Crouch had planned to split the land off from the area around the house. Neither the new potential buyer's identity nor an approximate price have been revealed, and a spokesman for PPB Advisory, Daniel Bryant, declined to comment last night. But other sources indicated the vendors were anticipating an outcome in the near future. PPB Advisory have been the receivers of Devereaux Farms Pty Ltd, the entity which owned the property, since the Griffin collapse in 2010.