Melissa Caddick penthouse back on market amid push to repay fraud victims
The penthouse may have dropped in price, but it's still out of reach for the majority of Australians trying to break into the property market.
The Sydney penthouse that belonged to conwoman Melissa Caddick has been put back on the market as receivers try to recoup the losses of her victims.
The Edgecliff apartment had been guided at $5.5 million but the price was revised to $4.8 million this week when the listing returned after being pulled ahead of an October auction date.
The median price of a unit in the affluent eastern suburb has dropped 16 per cent over the past year, according to PropTrack, but is still likely out of reach for the majority of Australians who are struggling to get into the property market.
Caddick, who vanished a day after the Australian Securities and Investments Commission raided her Dover Heights home in November 2020, posed as a financial adviser to fleece more than $23 million from more than 50 investors, many with close connections to her.
The three-bedroom penthouse was the subject of a dispute between the receivers and Caddick’s parents. Caddick used money from the ponzi scheme to buy the $2.55 million property in 2016, getting her parents to pay $1 million for a third of the ownership and an ongoing tenancy.
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They were paid $950,000 by the receivers and left the property in July. Caddick’s Dover Heights mansion sold for $9.8 million.
A $3 million “initial distribution” payment to be shared between 55 investors was announced in August by accounting firm Jones Partners.
Earlier this week, the receivers agreed to hand over several items worth "a few thousand dollars" to her husband Anthony Koletti.
Justice Markovic ordered that Koletti be allowed to keep several pieces of jewellery, including a Breitling Navitimer chronograph watch, a Louis Vuitton digital wrist watch, a Canturi 18-carat cross pendant and his 18-carat Canturi wedding ring.
Her son could keep $8,500 in a bank account in his name and seven pairs of designer sneakers, including Air Jordans and Nike Dunks.
Some of the more expensive pairs in the collection - estimated to be worth up to $10,000 - will be sold to help repay the wronged investors.
With Newswire
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