The luxury penthouse of notorious Sydney con artist Melissa Caddick has fallen heavily after it was recently withdrawn from auction.
The spacious apartment on the 19th floor of Eastpoint Tower, in the eastern suburb of Edgecliff, was reduced from $5.5 million to $4.8 million earlier this week.
The move by Richardson & Wrench listing agents Tim Muckenschnabl and Paul Kantor comes after the home’s auction, scheduled for October 10, was canceled following two months of intensive marketing.
The penthouse was listed by the trustees of the fraudster’s estate who were attempting to liquidate Caddick’s assets and return the $25 million she stole from her victims.
The listing comes after an unrenovated two-bedroom, two-bathroom apartment on floor 15 of the complex recently sold for $4.1 million. The Daily Telegraph reported.
It was originally given by Caddick to her parents in 2016, but was secured by authorities after a lengthy court battle over the property.
Caddick’s parents, Ted and Barbara Grimley, left the property in a “neglected” state, according to trustees.
The house previously owned by notorious Sydney con artist Melissa Caddick (above) has been reduced in price by almost $1 million
Caddick originally purchased the home in 2016 for $2.55 million.
Prices in the area have since skyrocketed, leading to speculation that the apartment would sell for more than $5 million, almost double what Caddick paid.
The sale of Caddick’s penthouse would provide a “significant return to investors” still reeling from her scam, court-appointed receiver Bruce Gleeson previously 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.
An earlier entry said the three-bedroom, two-bathroom property offers ‘views that flow uninterrupted from the city skyline and across Paddington’.
Recipients have worked for months by installing new carpet and lighting and painting the interior of the house 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 away and includes the Coles and Aldi supermarkets and specialists such as a financial advisor and a podiatrist just below the building.
The luxury three-bedroom penthouse is located at the top of Eastpoint Tower (above) in Sydney’s eastern suburbs. The price rose earlier this week from $5.5 million to $4.8 million.
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.
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.
Caddick’s main home in Dover Heights sold earlier this year for $9.8 million.
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.
The penthouse has three bedrooms and two bathrooms and has access to a swimming pool and sauna in the tower complex
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.
A first payment of $3 million was already made to 55 creditors in August.
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 violations 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.
Caddick previously gifted the house to her parents, Ted and Barbara Grimley (pictured), but it was seized by authorities in an attempt to return Caddick’s stolen money to her victims.
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.
An arrest warrant was issued for Caddick on February 22, 2021, just a week before her remains were discovered washed up on a beach 400km south of Sydney.
The remains were confirmed to be Caddick’s when scientists were able to extract DNA from the foot, found in a derelict ASICS shoe.