Technology entrepreneur Zhenya Tsvetnenko and his wife Lydia are selling the jewel in the crown of their property empire to focus on their business interests.
They are putting their Applecross mansion in Duncraig Road up for auction on December 13.
The home spreads across a 1383sqm block and has sweeping Swan River and city views.
Mr Tsvetnenko bought the home in 2008 for $9.5 million from Gregory Hunt, who paid $6.15 million for it 18 months earlier.
"You can't beat the views - it's a premium property, I had to have it," Mr Tsvetnenko said.
"At the time we did buy it because at some stage we wanted to build. Properties like that don't come up often."
Mont Property managing director Matthew Podesta said the home was being sold on land value. He said he would not be surprised if a record square metre sales price was achieved.
Mr Podesta said a home on nearby Fraser Road, on 1128sqm, recently sold for $8.5 million, which equated to $7500 a square metre. "We could potentially see that record broken for arguably the most prestigious spot in Applecross," he said.
"It would suit a buyer who wants to own a significant piece of land that they will keep in their family for generations."
In the six years Mr Tsvetnenko has owned the property, he said he had spent "significant money" on the alfresco pool area for the many Christmas and Australia Day parties he and his wife hosted.
He said he decided to sell because managing two ASX-listed companies, Digital BTC and Empire Media, in addition to his wife's fashion company Zhivago meant the pair had no time to build their dream home.
"It's just not the right time for us, so we are reshuffling our property portfolio and reinvesting the money," Mr Tsvetnenko said.
The family of three live in Mt Pleasant but are looking for a bigger residence.
Real Estate Institute of WA figures show the record price paid for a home in Applecross was $13.25 million for 36 Duncraig Road in February 2011.