PHOTO: Melissa Caddick. FILE
A luxurious penthouse apartment located in Edgecliff’s Eastpoint Tower, formerly owned by the late fraudster Melissa Caddick, has been put on the market today for a price exceeding $5 million.
Back in 2016, Ms. Caddick acquired this apartment at 1904/180 Ocean Street for $2.55 million, intending it to serve as a city residence for her parents, Barbara and Ted Grimley. The penthouse boasts three bedrooms, two bathrooms, a three-car garage, and a rooftop terrace offering panoramic views of the city skyline and Sydney Harbour. The Grimleys originally contributed $1 million for a 37% ownership stake in the property and had a verbal agreement to reside there without paying rent for the remainder of their lives.
https://propertynoise.co.nz/au/buyer-of-melissa-caddicks-stolen-mansion-revealed/
Following a legal dispute in the Federal Court, the Grimleys agreed to vacate the penthouse in exchange for $950,000 from their daughter’s estate. It’s important to note that the Grimleys have not faced any accusations of wrongdoing in this matter.
The penthouse comes with Sydney city views. Picture: Richardson and Wrench.
This property is scheduled to be auctioned on October 10 under the supervision of Paul Kantor from Richardson and Wrench Double Bay, acting on the instructions of Bruce Gleeson, the court-appointed receiver of Ms. Caddick’s assets. Mr. Gleeson disclosed that the penthouse underwent renovations, including repainting, recarpeting, and the installation of new light fixtures, prior to being listed for sale. He emphasized the significance of selling this asset to maximize returns for investors, given that many Ponzi schemes often result in little to no compensation for investors.
https://propertynoise.co.nz/au/melissa-caddicks-home-to-hit-the-market-watch/
Melissa Caddick disappeared in late 2020, following an ASIC raid on her residence as part of an investigation into her Ponzi scheme activities. Despite falsely claiming to be a licensed financial advisor, she diverted over $23 million from more than 50 investors toward a lavish lifestyle, which included acquiring properties, luxury cars, designer clothing, artwork, and jewelry.
The luxury complex features a pool and sauna. Picture: Richardson and Wrench.
In May, a coronial inquiry in NSW concluded that Ms. Caddick, whose foot was discovered on a beach 400 kilometers south of Sydney in February 2021, was most likely deceased. Her Dover Heights residence was sold for $9.8 million in January 2023 by the receiver, and her other assets have also been liquidated.
In August, creditors received an initial payout, with $3 million distributed among 55 investors. The anticipated proceeds from the sale of the penthouse are expected to be disbursed before Christmas, marking the final reimbursement to defrauded investors, and the receivership is set to conclude by mid-2024.