Why Melissa Caddick’s ‘Ponzi’ home won’t get top dollar

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PHOTO: Melissa Caddick’s home likely won’t get the $15m sale figure bandied about.

The much anticipated listing of the Dover Heights home of the princess of the ponzi, Melissa Caddick, scored huge headlines after it was revealed the inspections will see prospective buyers providing a $10,000 refundable deposit.

While pricey, it was an unusual, but understandable decision for the home at 5 Wallangra Road, Dover Heights.

$6.6m view into fraudster Melissa Caddick’s home

And the Sotheby’s International listing agents Michael Pallier and Mary Lin have the capacity to waive the $10,000 for clients on their database who have been looking locally.

$10k just for a peek. Picture: NewsWire / Monique Harmer

The decision came from Bruce Gleeson from Jones Partners, the court-appointed receiver of Caddick’s estate.

Her missing person’s case has captivated Sydney and Gleeson said the level of interest and mystery had “absolutely blown me away.”

Melissa Caddick’s mansion in state of disrepair, court documents reveal

He wants genuine buyers not stickybeaks to secure the best price for her creditors, and adds that deposits to inspect the books are commonplace in regular receivership offerings.

ASICS raid on Melissa Caddick. Picture: NSW Police.

Caddick’s office (top pic) is now a bedroom. Picture: NewsWire / Monique Harmer

But the main safe is still there. Picture: NewsWire / Monique Harmer

There’s also the pragmatics of the house layout which, along with the main living space expanse, has narrow spaces upstairs and downstairs. These spaces wouldn’t be able to cope with huge crowds through the five- bedroom, four-bathroom home that sits on a compact 390 sqm holding.

The listing comes after repairs, repainting, recarpeting and pool compliance at the four storey high security home at 5 Wallangra Road, Dover Heights.

There has also been decor styling.

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The place is virtually devoid of any trace of Caddick who went missing the day after being raided in November 2020 by the corporate watchdog, ASIC, and the Australian Federal Police.

Gone is the fraudster’s very well organised home office, which is back as a bedroom.

The Dover Heights pad has been given a makeover. Picture: NewsWire / Monique Harmer

The home boasts incredible harbour views. Picture: NewsWire / Monique Harmer

Interest in the sale has ‘blown away’ Bruce Gleeson from Jones Partners, the court-appointed receiver of Caddick’s estate. Picture: NewsWire / Monique Harmer

Gone too is the home aquarium where her second husband, hairdresser turned music producer Anthony Koletti had taken up breeding prawns.

Anthony Koletti and Melissa Caddick

Two empty safes are still in situ. The bigger one is in the basement under the staircase.

There are however two David Gerstein wall sculptures that remain at the house.

Offers close October 31 with a private auction to follow if demand is strong.

There is no price guide, but the $15 million to $17 million suggestion made by Koletti, who vacated the home in May, has been dismissed.

No rubber necks allowed. Picture: NewsWire / Monique Harmer

Two David Gerstein wall sculptures remain at the house. Picture: NewsWire / Monique Harmer

Over $10 million is deemed achievable given Dover Heights’ median price sits at $6.1 million, up 26 per cent over the past year, according to realestate.com.au.

The median price was $3.95 million around the time of the disappearance of the unlicensed wealth adviser, and at $2.65 million in 2014 when it sold at $6.2 million.

There have been 12 Dover Heights sales above $10 million since 2017 including $11.6 million just a few doors along. The record price was in February at $14.25 million for a six bedroom Portland St home.

Locals hope, given a coroner’s ruling there was no murderous foul play at the house, that the circumstances of her disappearance are unlikely to adversely impact the best price being achieved.