Former Selangor mentri besar Dr Mohamad Khir Toyo said he purchased his controversial mansion for RM3.5mil from a company that was facing financial difficulties.
Dr Khir said he took a RM3mil HSBC loan and spent RM600,000 on renovations.
The RM3.5mil value of the sprawling but abandoned Section 7 bungalow in Shah Alam was derived at by accredited real estate property agents Rahim and Co, he said.
“YB Sekinchan (Ng Suee Lim) accused me of owning a RM24mil bungalow. I don’t deny that the bungalow belongs to me but I deny that it costs RM24mil,” he said in his blog yesterday.
Dr Khir also posted several photographs of the Rahim and Co. property valuation dated May 16, 2007, signed by its director Choy Yue Kwong, the sale and purchase agreement and the loan document from HSBC dated May 31.
He added that the RM3mil loan facility from HSBC was for a tenure of 23 years, not 30.
“Based on pictures and false accusations from YB Ng Suee Lim, many people have become real estate experts in the blink of an eye.
“Therefore, the property value (of RM24mil) was assumed without knowing the status of the land or the other conditions on the said land. I have also been accused of coming up with my own valuation,” said Dr Khir.
On Monday, Ng accused Dr Khir of spending RM2.9mil and RM900,000 each on two plots of land to build the bungalow, and questioned his ability to pay for them on a mentri besar’s salary.
Dr Khir retorted by challenging Ng to sell the property for the alleged RM24mil price tag and promised to “reward” Ng with 50% of the proceeds if he managed to do so.