Receivers sell Melissa Caddick’s Dover Heights home early

The Wallangra Road home was listed with a $9-$10 million guide.

Receivers have sold Melissa Caddick’s Dover Heights home three days before the close of an expressions of interest campaign.

The Dover Heights site spreads 390 square metres.

The surprise deal – the EOI was expected to lead to an auction – is for $9.8 million.

The buyer is a local.

Melissa Caddick paid $6.4 million for 5 Wallangra Road in 2014.

Settlement is scheduled in 12 weeks.

Ms Caddick disappeared in November, 2020, after the Australian Securities and Investment Commission confronted her regarding a Ponzi scheme later found to have fleeced over $23m from 72 victims, including family and friends.

She was 49.

A recent coronial inquest focused on a suspected suicide following her decomposed foot washing up at Bournda Beach, about 400 kilometres south of Dover Heights, three months later. It also highlighted Compulsive Buying Disorder, which some believe Ms Caddick might have suffered.

Jewellery next

Jones Partners’ Bruce Gleeson said contracts for 5 Wallangra Road exchanged this afternoon.

“Until settlement has occurred, we will not be disclosing the sale price,” he added.

“However, we believe [it] a strong result given the current market conditions and will make a significant contribution towards the pool of funds available for investors,” according to the executive.

“We are very pleased with the outcome…and the interest received from prospective purchasers (story continues below).

An Edgecliff penthouse beside that owned by Melissa Caddick sold for $5.1 million in 2018.

“We are also continuing our efforts to progress realisation of other receivership property such as the jewellery and designer goods and will provide a further update on such aspects very soon”.

That haul, including Stefano Canturi necklaces worth six figure sums, should return victims more than $2m.

Recovery to date

Jones Partners has recovered over $3m including $52,400 left in a bank account.

In February, two cars – a 2018 Audi R8 and 2016 Mercedes CLA45 AMG – reaped $361,250 before costs.

The month after, shares worth $2.7m were sold; Ms Caddick is believed to have lost about $7m on stocks just before her disappearance.

Now, an Edgecliff penthouse acquired for $2.55m in 2016 becomes a focus.

Expected to form part of the receivership assets because it was paid for using stolen funds, its listing is being disputed by Caddick family members who gave the c$1.154m proceeds of a Connells Point home to the Ponzi scheme operator for it – but after it settled.

That money was instead spent on holidays and jewellery including a $590,000 ring which Ms Caddick sold the year later for $466,000.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of