Sydney’s property scene has taken an intriguing turn with the price slashed on the luxury penthouse once owned by conwoman Melissa Caddick.
After being withdrawn from a scheduled auction, the apartment perched on the 19th floor of Edgecliff’s Eastpoint Tower has seen its asking price plummet from an initial $5.5 million to $4.8 million, according to the Daily Mail.
The decision by Richardson & Wrench agents Tim Muckenschnabl and Paul Kantor to reduce the price follows the cancellation of the October 10 auction, despite an intensive two-month marketing campaign.
The high-end property is being sold by the receivers managing the estate of the fraudster, aiming to recoup some of the $25 million defrauded from her victims.
The price drop is notable given the recent sale of a less-renowned two-bedroom unit in the same complex for $4.1 million.
Presented to Caddick’s parents in 2016, the penthouse eventually came under official control after a protracted legal tussle, with the receivers branding its condition as ‘run down’.
Back in 2016, Caddick acquired the residence for $2.55 million, with values in the locality soaring ever since.
Forecasts had pegged the penthouse’s value at more than $5 million, nearly doubling Caddick’s initial outlay.
Court-appointed receiver Bruce Gleeson of Jones Partners expressed that the sale would ensure a ‘significant return to investors’, who are still grappling with the fallout of Caddick’s schemes.
With many victims of Ponzi schemes often seeing little to no return, this sale could mark a departure from the norm.
The property boasts three bedrooms, two bathrooms, and panoramic views encompassing the Sydney skyline and Paddington.
Efforts to enhance its allure have seen the installation of new carpet, lighting, and fresh interior paint.
Its top-floor location includes a sprawling rooftop terrace and three garages, not to mention amenities like a sauna and pool, plus direct access to Edgecliff shopping centre with its array of specialist services.
Edgecliff’s Eastpoint Tower is no stranger to the affluent and the famous, with past residents such as former Olympian Scott Miller and the late Lady (Florence) Packer.
Delays in the penthouse sale were due to claims by Caddick’s parents, who contended a $1 million contribution towards the mortgage in exchange for living rights, which Caddick allegedly squandered.
After lengthy legal proceedings, the Grimleys vacated, accepting a $950,000 settlement from the estate.
With the sale proceeds destined for the victims, there is hope for a swift transaction that could see funds disbursed before year-end, potentially finalising the receivers’ work by mid-2024.
The aftermath of Caddick’s fraudulent actions has been taxing for federal police and creditors since her mysterious disappearance in November 2020.
A massive $23.5 million was misappropriated to fund Caddick’s opulent lifestyle, culminating in the grim discovery of her remains on a beach, identified by DNA from a severed foot in a deteriorating sports shoe, adding a morbid twist to an already sordid tale.