A medical entrepreneur is the latest in a string of business identities to buy one of Perth's most significant riverfront properties built by Burswood Casino founder Dallas Dempster in the 1980s.
Landgate records reveal eye surgeon Phillip McGeorge - best-known as Dr Phil in his advertisements for Perth Laser Vision - bought the Chidley Way, Mosman Park, house from embattled property developer Luke Saraceni for $11 million in October.
The mansion has changed hands five times in six years, selling for prices ranging between $8.85 million and $16 million.
Mr Saraceni and his then wife Maree bought the home for $16 million in July 2008.
It had previously been owned by Firepower boss Tim Johnston, who acquired the property in 2007 as part of a complex series of transactions involving fallen property developer Warren Anderson.
Other owners of note include former Perth stockbroker and mining company investor David Rigoll.
A longstanding owner was Lorraine Copley, the former wife of millionaire conservationist Martin Copley.
Selling agent Linda Sullivan, of Space Realty, said the property was in the middle of a major renovation. Its interior fittings had been stripped and the house was bought as "block value".
She said Dr McGeorge and his wife Katherine were looking to build a home but "fell in love" with the five-bedroom, six-bathroom property as soon as they stepped inside.
"The Saracenis had spent a long time redesigning the interior and fitout of the house," she said.
"The McGeorges are going to work to restore it to its former glory."
The mansion, spread across a 1425sqm cliff-side location, features a self-contained studio and four living areas.
According to Real Estate Institute of WA records, the $11 million deal was Mosman Park's most expensive house sale for 2012.