The luxury penthouse owned by infamous Sydney conwoman Melissa Caddick has been heavily discounted after it was recently pulled from auction.
The spacious apartment on the 19th floor of Eastpoint Tower, in the eastern suburb of Edgecliff, was reduced from $5.5million to $4.8million earlier this week.
The move from Richardson & Wrench listing agents Tim Muckenschnabl and Paul Kantor comes after the home’s auction scheduled for October 10 was cancelled after two months of intensive marketing.
The penthouse was listed by the receivers of the fraduster’s estate working to liquidate Caddick’s assets and return the $25m she stole from her victims.
The listing comes after an unrenovated two-bedroom, two-bathroom apartment on level 15 of the complex recently sold for $4.1m, The Daily Telegraph reported.
It was originally given by Caddick to her parents in 2016 but was secured by authorities following a lengthy court battle for the property.
Caddick’s parents, Ted and Barbara Grimley, left the property in a ‘run down’ condition, according to receivers.
The home formerly owned by infamous Sydney conwoman Melissa Caddick (above) has been discounted by almost $1million
Caddick originally purchased the home for $2.55million in 2016.
Prices in the area have skyrocked since, leading to speculation the apartment would sell for upward of $5million, almost double than what Caddick paid.
The sale of Caddick’s penthouse was set to see a ‘significant return to investors’ who are still reeling from her con, court-appointed receiver Bruce Gleeson previously said.
‘To see this receivership asset sold is really important because it means that we’re going to be able to make another significant return to investors, and that’s always been the focus for us … particularly when in a lot of Ponzi schemes there’s not a return to investors or a very small return,’ the principal at insolvency firm Jones Partners told the Sydney Morning Herald.
An earlier listing said the three-bedroom, two-bathroom property features ‘views that flow uninterrupted from the city skyline and across Paddington’.
Receivers worked for months having installing fresh carpet and lighting as well as painting the home’s interior in an effort to maximise their returns at auction.
The penthouse is on the top floor of the tower and includes a giant rooftop terrace and three lock-up garages.
Whoever moves in will also have access to a sauna and pool, and will be less than a minute away from the Edgecliff shopping complex.
Only a lift ride away, the complex includes Coles and Aldi supermarkets and specialists like a financial adviser and a podiatrist just under the building.
The luxury three-bedroom penthouse sits at the top of Eastpoint Tower (above) in Sydney’s eastern suburbs. The price was from $5.5million to $4.8million earlier this week.
Edgecliff’s Eastpoint Tower has become known for its high-flying homebodies, one of whom airlifted a leather couch to the 19th floor and another, former Olympian Scott Miller, who tried to rehome 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 $5.1million in 2018 and $4.8million in 2019, but that was before the pandemic.
‘Over the last 12 to 18 months, we’ve seen a kick up in prices,’ Mr Gleeson continued.
Caddick’s primary residence in Dover Heights sold for $9.8million earlier this year.
The sale of Caddick’s final piece of real estate had been stalled by her parents, who told receivers that they gave $1million to their daughter for the mortgage.
Mr and Ms Grimley made an agreement with their daughter that they would be able to live out the rest of their days rent-free in the dreamhouse in exchange for the 37 per cent stake.
The penthouse features three bedrooms and two bathrooms, and has access to a pool and a sauna within the tower complex
Caddick was found to have squandered the million on jewelry and private jets however, as opposed to paying off the mortgage.
After lengthy litigation the two finally agreed to vacate the property once they were offered a $950,000 return from their daughter’s assets.
Once finalised, the money raised at the auction will go directly to the victims of Caddick’s scam.
Mr Gleeson hopes that the turnover will be quick enough to act as a neat Christmas present for receivers, who could get the funds processed before the year’s end.
Following the sale of this home, Mr Gleeson’s team will be looking to finalise their work on the estate by May or June 2024.
An initial payment of $3million was already made to 55 creditors in August.
Caddick’s affairs have caused headaches for federal police and creditors since her disappearance on November 12, 2020, 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 some of the last to see Caddick alive after executing a search warrant on her home at 7pm.
The conwoman was found to have taken $23.5million in investors funds, which she used to fund her lavish lifestyle.
Caddick previously gifted the home to her parents, Ted and Barbara Grimley (pictured), but it was taken by authorities in an effort to return Caddick’s stolen funds to her victims
She had spent the money on luxury goods like cars, art, jewels, and her two multimillion 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.
A warrant was issued for Caddick’s arrest on February 22, 2021, just a week before her remains were found to have 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 decrepit ASICS shoe.