NB: This property has now sold. Read our story here.
Receivers have listed Melissa Caddick’s Dover Heights home with $9-$10 million price hopes.
The guide is about $5m less than the value most mainstream media has speculated since 5 Wallangra Road made headlines following the Ponzi scheme operator’s disappearance in November, 2020.
It is however, realistic, given recent listings and sales in the street and pocket.
Following any disposal, expected to occur this year, receivers are anticipated to move on listing an Edgecliff penthouse owned by Ms Caddick, part paid for with stolen funds.
Within Mirvac’s Eastpoint Tower, at 180 Ocean Street, that property cost $2.55m in November, 2016.
Interestingly, another three bedroom unit on the top level of that building, but renovated, traded two years later, for $5.1m.
Ms Caddick paid $6.2m – $700,000 over the then-guide – for 5 Wallangra Rd in April, 2014.
5 Wallangra Road
On 390 square metres, 5 Wallangra Rd includes five bedrooms, four bathrooms, three living areas and a pool.
There is also a 35 sqm rooftop terrace.
The elevated position offers views of the CBD skyline, Opera House and Harbour Bridge – about eight kilometres away (story continues below).
The home was where Ms Caddick was last seen on the day of an Australian Securities and Investments Commission raid related to her Ponzi scheme, estimated to have stolen c$23m from investors, including family and friends.
Ms Caddick’s exit from 5 Wallangra Rd and alleged suicide over nearby cliffs – neither of which can be supported with neighbouring CCTV – as well as unusual behaviour in the months leading up to and, for her husband, following the raid, has made the true-crime case, and home, one of the country’s highest-profile.
To ensure they aren’t inundated with enthusiasts, marketing agents, Sotheby’s Michael Pallier and Mary Lin, are asking prospective purchasers pay a refundable $10,000 fee to inspect.
Proceeds for victims
Jones Partners’ Bruce Gleeson, Melissa Caddick’s receiver and liquidator of her company, Maliver Pty Ltd, said 5 Wallangra Rd is a major asset in the receivership property which will help return money to Ponzi scheme victims.
“Since obtaining vacant possession in May, 2022, and receiving orders enabling us to proceed with a sale, we have undertaken certain maintenance and minor improvements to amplify the property’s luxurious appeal,” he added.
An expressions of interest campaign closes at the end of next month after which time it will be decided if the home goes to auction.
“We are also well advanced and close to finalising an application to the federal court which will seek sale orders regarding the designer jewellery, clothing and artwork,” according to Mr Gleeson.
“It is our intention to have an investor briefing to provide a detailed update on the receivership and liquidation status in late October, 2022,” he said.
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