The luxury penthouse fraud that Melissa Caddick gifted to her parents is expected to sell for millions as curators put it on the market as they continue to unravel the complicated estate.
Located in Edgecliff’s Eastpoint Tower in Sydney’s eastern suburbs, the apartment complex that Caddick originally gifted to her parents in 2016 will be auctioned on October 10.
Caddick’s parents Ted and Barbara Grimley had left the property ‘derelict’ according to trustees who are liquidating their daughter’s assets to return money to investors she stole from.
The schemer originally bought the house in 2016 for $2.6 million, but prices in the area have since skyrocketed and it is now expected to fetch more than $5 million.
An arrest warrant was issued for Caddick on February 22, 2021, just a week before her remains were found to have washed up on a beach 400km south of Sydney.
Melissa Caddick, 49, (pictured) bought a penthouse for her parents for $2.6 million in 2016, which is now being sold by trustees seeking to get back the money she stole from investors
The penthouse sits atop Edgecliff’s Eastpoint Tower (pictured), located at 1904/180 Ocean Street, and is expected to sell for more than $million at auction on October 10.
The sale of Caddick’s penthouse will provide a “significant return for investors” still reeling from her scams, court-appointed receiver Bruce Gleeson said.
‘It is very important to see this receivership sold because it means we can once again deliver significant returns for investors, and that has always been the focus for us… especially when there are no returns in many Ponzi schemes. to investors or a very small return,” said the director of insolvency firm Jones Partners told the Sydney Morning Herald.
A recent entry says the three-bedroom, two-bathroom property offers ‘views that flow uninterrupted from the city skyline and over Paddington’.
Recipients have been sitting for the past few months having new carpet and lighting fixtures installed and the interior painted in an effort to maximize their return at auction.
The penthouse is located on the top floor of the tower and has a gigantic roof terrace and three lockable garages.
Those moving in will also have access to a sauna and pool, and will be less than a minute away from Edgecliff Shopping Center.
The complex is just a lift ride away and includes Coles and Aldi supermarkets and specialists such as a financial advisor and a podiatrist just below the building.
The penthouse has three bedrooms and two bathrooms and has access to a swimming pool and sauna in the tower complex
Edgecliff’s Eastpoint Tower has become known for its high-flying roommates, one of whom flew a leather couch to the 19th floor and another, former Olympian Scott Miller, who attempted to rehouse an escort business in the building.
Other notable residents include former car dealer Neil Sutton and the late Lady (Florence) Packer.
The Caddick estate is currently the only penthouse on the market in Edgecliff, and creditors are hoping this will drive up the price after it hit the market on Tuesday.
Previous penthouses in the building sold for $5.1 million in 2018 and $4.8 million in 2019, but that was before the pandemic.
“Over the last 12 to 18 months we have seen an increase in prices,” Mr Gleeson continued.
Mr Gleeson wants to avoid a repeat of the overcrowded inspections of Caddick’s main home in Dover Heights, which was sold for $9.8 million earlier this year.
To inspect the Edgecliff penthouse, any interested party must make a refundable deposit of $10,000 to prove they are legitimately interested.
Inspections of Caddick’s main residence were flooded with sticky-goers, who just wanted a glimpse into the mysterious criminal’s luxurious life.
Each bedroom comes with built-in robes, but only the master has an en suite bathroom and walk-in closet
Caddick’s parents, Ted and Barbara Grimley (pictured), claimed a 37 percent stake in the property, eventually moving out after receiving $950,000 from their daughter’s estate
The sale of Caddick’s last piece of real estate had been stopped by her parents, who told the trustees that they had given their daughter $1 million for the mortgage.
Mr. and Mrs. Grimley agreed with their daughter that they could spend the rest of their days rent-free in the dream home in exchange for the 37 percent stake.
However, Caddick was found to have wasted the million on jewelery and private jets, instead of paying off the mortgage.
After lengthy court battles, the two eventually agreed to vacate the property once they were offered a $950,000 return from their daughter’s assets.
Once completed, the money raised at the auction will go directly to the victims of Caddick’s scam.
Mr Gleeson hopes the turnover will be fast enough to serve as a nice Christmas gift for recipients, who can get the money processed before the end of the year.
Following the sale of this home, Mr Gleeson’s team will aim to complete their work on the estate by May or June 2024.
In August, an initial payment of $3 million had already been made to 55 creditors.
Caddick’s cases have been a headache for federal law enforcement and creditors since her Nov. 12, 2020, disappearance from her Dover Heights home.
Prior to her disappearance, the Australian Securities and Investments Commission had issued a warrant for her arrest for numerous breaches of the Corporations Act.
The night before her disappearance, Australian Federal Police were among the last to see Caddick alive after serving a search warrant on her home at 7 p.m.
The scammer was found to have stolen $23.5 million in investor funds, which she used to finance her lavish lifestyle.
She had spent the money on luxury goods such as cars, art, jewelry and her two multi-million dollar properties.
The mystery of her disappearance only deepened when two men walking along Bournda Beach on the state’s south coast found a foot belonging to the missing conwoman.
The remains were confirmed to be Caddick’s when scientists were able to extract DNA from the foot, found in a derelict ASICS shoe.
Caddick’s disappearance remains unsolved after her remains were found washed up on a beach 400km south of Sydney (photo: remains of Caddick’s foot)