Parents of Melissa Caddick offered $1million to surrender their apartment to victims of the conwoman

The parents of dead con artist Melissa Caddick have been offered nearly $1 million to relinquish their claim to a multimillion-dollar Sydney apartment bought in their daughter’s name.

Ted and Barbara Grimley had previously argued that they should be able to continue living in the Edgecliff apartment after claiming they contributed more than $1 million towards its purchase.

Their claim sparked a fierce battle with Caddick’s defrauded investors, who believe the property should be sold to recoup some of the $23 million stolen from them by the missing financial advisor.

Caddick disappeared in November 2020, a day after the Australian Securities and Investments Commission raided her home in Dover Heights in connection with her alleged financial scam.

Earlier this month, an inquest determined that the conwoman had died after her foot washed up on a beach, but it could not determine when, how or where she died.

Ted and Barbara Grimley argued that they should be able to continue living in their Edgecliff apartment after claiming they contributed more than $1 million towards its purchase.

The finding has brought no relief to its dozens of defrauded investors, who have joined in an effort to get their money back through the sale of Caddick’s property.

On Wednesday, federal court was told that the fraudster’s court-appointed trustees had offered to pay her parents $950,000 to vacate the Edgecliff property.

The trustees’ attorney, Vanessa Whittaker, told the court that the $950,000 offer is “the only way forward” for all parties involved.

“It represents the amount the parents are asking in exchange for effectively releasing the property from their holdings, allowing the property to be (sold),” she said.

The money from the sale of the eastern suburbs apartment would then be available for distribution to the group of aggrieved investors, the court was told.

Ms Whittaker said the trustees have tried to keep investors informed about the offer as it developed.

“It’s been an evolving process where the amount of information provided has made it clear to all stakeholders that it’s not a perfect result, but it’s a much better result than they would get by following it all the way,” she said.

“We don’t see a realistic universe in which investors can or will do better.”

Caddick’s parents contributed an estimated $1.2 million to the purchase of the $2.55 million apartment, under her name, in eastern Sydney

The defrauded out-of-pocket investors will be given one last chance to voice their concerns about the offer, but the trustees’ lawyer said the lack of objection so far “equates to consent.”

Lawyers for the investors and the Grimleys – who are not charged with any wrongdoing – told the court they are not opposing the settlement.

If the court order came, the trustees would take possession of the apartment within six weeks.

Justice Brigitte Markovic adjourned the case until June 5.