PHOTO: The home formerly owned by infamous Sydney conwoman Melissa Caddick (above) has been discounted by almost $1million
The opulent penthouse, previously owned by the notorious Sydney con artist Melissa Caddick, has recently experienced a significant price reduction after being withdrawn from auction. Situated on the 19th floor of Eastpoint Tower in the affluent eastern suburb of Edgecliff, this spacious apartment saw its price drop from $5.5 million to $4.8 million this week.
https://propertynoise.co.nz/au/auction-of-sydney-penthouse-linked-to-missing-fraudster-melissa-caddick/
This decision was made by listing agents Tim Muckenschnabl and Paul Kantor of Richardson & Wrench after the property’s scheduled auction on October 10 was canceled following two months of intensive marketing efforts. The penthouse was listed by the receivers tasked with liquidating Caddick’s assets, aiming to recover the $25 million she had embezzled from her victims.
This listing followed the recent sale of an unrenovated two-bedroom, two-bathroom apartment on the 15th floor of the same complex, which fetched $4.1 million, as reported by The Daily Telegraph. Originally gifted by Caddick to her parents in 2016, this property was seized by authorities after an extended legal battle for ownership. According to the receivers, Caddick’s parents, Ted and Barbara Grimley, left the property in a state of disrepair. Caddick had initially acquired the property for $2.55 million in 2016.
The luxury three-bedroom penthouse sits at the top of Eastpoint Tower (above) in Sydney’s eastern suburbs. The price was from $5.5million to $4.8million earlier this week.
Prices in the area have surged since her purchase, leading to speculations that the penthouse might command a price of over $5 million, nearly double what Caddick had originally paid. The sale of Caddick’s penthouse was expected to provide a “significant return to investors,” as noted by court-appointed receiver Bruce Gleeson. He stated, “To see this receivership asset sold is really important because it means that we’re going to be able to make another significant return to investors, and that’s always been the focus for us … particularly when in a lot of Ponzi schemes there’s not a return to investors or a very small return.”
https://propertynoise.co.nz/au/melissa-caddicks-home-to-hit-the-market-watch/
An earlier listing described the three-bedroom, two-bathroom property as having uninterrupted views of the city skyline and Paddington. The receivers had put in months of effort, including fresh carpet, lighting installations, and interior painting, to enhance the property’s appeal for the auction.
Located on the top floor of the tower, the penthouse features a spacious rooftop terrace and three lock-up garages. The new owner will also have access to a sauna and a pool, with the convenience of the Edgecliff shopping complex just a minute away via elevator. This complex includes Coles and Aldi supermarkets and various specialists, including a financial adviser and a podiatrist.
Edgecliff’s Eastpoint Tower has become known for its high-profile residents, including former Olympian Scott Miller, who once attempted to establish an escort business in the building. Other notable residents include former car dealer Neil Sutton and the late Lady (Florence) Packer.
Prior to the COVID-19 pandemic, previous penthouses in the building had sold for $5.1 million in 2018 and $4.8 million in 2019. Bruce Gleeson noted that prices in the area had risen significantly over the last 12 to 18 months.
Caddick’s primary residence in Dover Heights was sold for $9.8 million earlier this year. The sale of Caddick’s final piece of real estate had faced delays due to her parents’ claim that they had given their daughter $1 million for the mortgage. Mr. and Mrs. Grimley had initially agreed to live rent-free in the property in exchange for a 37% stake, but Caddick had squandered the million on jewelry and private jets rather than paying off the mortgage. After protracted litigation, they finally agreed to vacate the property in exchange for a $950,000 return from their daughter’s assets.
The proceeds from the auction will go directly to Caddick’s victims. Bruce Gleeson hopes for a swift turnover to provide the receivers with funds processed before the year’s end. After the sale of this property, Gleeson’s team aims to conclude their work on the estate by May or June 2024, having already made an initial payment of $3 million to 55 creditors in August.
Caddick’s activities had posed challenges for federal police and creditors since her disappearance on November 12, 2020, from her Dover Heights residence. Before her disappearance, the Australian Securities and Investments Commission had issued a warrant for her arrest due to multiple breaches of the Corporations Act. On the evening before her disappearance, Australian Federal Police had executed a search warrant at her home at 7 pm.
Caddick had absconded with $23.5 million in investors’ funds, which she had used to support her extravagant lifestyle, spending it on luxury cars, art, jewelry, and her two multi-million dollar properties. The mystery surrounding her disappearance deepened when two individuals discovered a foot belonging to Caddick while walking along Bournda Beach on the state’s South Coast.
A warrant for Caddick’s arrest was issued on February 22, 2021, just a week before her remains were discovered washed up on a beach 400 kilometers south of Sydney. Her identity was confirmed when scientists were able to extract DNA from the foot, which was found inside a deteriorating ASICS shoe.