For Pankaj and Radhika Oswal, it was meant to be the "Taj Mahal on the Swan River".

But the building once destined to be their $70 million Perth palace is now a dilapidated eyesore which will be torn down within weeks.

Mrs Oswal wanted the Indian-style mansion in the luxurious suburb of Peppermint Grove to be her "absolute fantasy" home, boasting six bedrooms, a temple, observatory with revolving roof and parking for 17 cars.

However, it has sat unfinished since the Oswals fled Australia in December 2010 when the ANZ bank called in more than $US500 million in loans and appointed receivers to their Burrup fertilisers business.