Fallen coal and cattle tycoon Ric Stowe's mansion Devereaux Farm, near Perth / Supplied Source: The Australian

The sprawling property has five houses, two swimming pools, a tennis court, and polo field and clubhouse / Supplied Source: Supplied

The main residence has eight bedrooms, eight bathrooms, several cellars, and nine fireplaces / Supplied Source: Supplied

The chapel on Ric Stowe's sprawling Devereaux Farm estate / Supplied Source: Supplied

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Perth property agent Andrew Porteous said yesterday that while several offers had been received for Devereaux Farm in recent weeks, none had matched the estimated $68m valuation of the Bullsbrook property.

Devereaux Farm was put on the market after Mr Stowe's coal, power and cattle empire collapsed in January with debts of about $1 billion, The Australian reported.

One of Australia's most luxurious properties, it was used by the reclusive Mr Stowe when he visited Perth from his regular base in the European tax haven of Monaco.

In pictures: Ric Stowe's Devereaux Farm estate

The sprawling property and farmland features five houses, two swimming pools, a tennis court, polo field and clubhouse, covered dressage ring, seven sets of stables, a private chapel, an air strip and two helipads -- one lit up for nocturnal chopper landings.

The main residence has eight bedrooms, eight bathrooms, a gym, sauna, home theatre, several cellars, nine fireplaces and parking for 10 cars.

Mr Porteous, of William Porteous Properties International, said unless a buyer emerged soon, the property would be sub-divided into 16 lots of varying size, with the boundaries realigned to ensure that each block had access to the main road.

He said a sub-division could be more attractive to investors and may even deliver a better overall return for the receiver, PPB, as well as banks owed hundreds of millions of dollars.

The sheer scale of the property had made it harder to sell, Mr Porteous said.

"There is a very good market for the (smaller blocks)," he said. "It could be a better return."

Mr Porteous said he was still talking to people who had made offers on the property, while other potential buyers were expressing interest.

"If we don't achieve the level that the receivers want, we'll go to plan B," he said.

Mr Porteous claimed that Devereaux Farm was great value when compared with other recent prestige property sales in Australia.

These included the sale of iron-ore heiress Angela Bennett's mansion in Perth's Mosman Park, which sold for $57.5 million last year.

The bulk of Mr Stowe's corporate empire, including his coal and power assets in Western Australia, are also up for sale in a process that has attracted interest from more than 70 foreign and local investors.