Notorious fraudster Melissa Caddick’s Sydney mansion has officially been put on the market.
The Dover Heights home, which was purchased by Caddick in 2014 for $6.2 million, will be sold in an attempt to return some money to her financial victims.
Listed with Sotheby’s Realty in Sydney, the liquidators of Caddick’s estate said the home is a major asset that will help return money to the victims of her Ponzi scheme.
The property at 5 Wallangra Road, Dover Heights NSW has uninterrupted and expansive views of Sydney’s iconic harbour and skyline with five bedrooms, four bathrooms and stunning pool.
“Since obtaining vacant possession in late 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,” liquidator from Jones Partners, Bruce Gleeson, said.
“The home is positioned in an elevated part of one of Dover Heights’ most sought-after streets and we are extremely pleased to be able to offer this prestigious property for sale during spring.”
But those wanting to actually step foot in the property had better be prepared to pay up.
A $10,000 deposit will be required to view the property to ensure those looking are serious buyers only.
Yahoo Finance understands the refundable deposit will only apply to unqualified buyers, meaning someone who does not have a buyers’ agent working on their behalf, and has been put in place to ensure only those who have a genuine interest in buying the property are coming to inspect.
“The sale campaign will be conducted via an Expressions of Interest which is scheduled to close on October 31 2022 and thereafter a private auction,” Gleeson said.
“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 artworks.”
According to the listing the home boasts luxury finishes to inspire an “atmosphere of readymade contemporary comfort”.
Featuring an open living plan, the outdoor dining area offers uninterrupted views of Sydney Harbour.
The multi-million dollar home also has a gourmet chef’s kitchen, a wine cellar, rumpus room and swimming pool.
Will the home's history affect the price?
Caddick made headlines in 2020 when ASIC launched an investigation into her financial advice business Maliver.
The Australian Federal Police raided her home in November 2020 and she went missing in the days after.
In February 2021 her foot washed up on a beach, leading many to wonder what happened to the fraudster after she disappeared. In the following weeks the then NSW Police Commissioner Mick Fuller said Caddick was presumed dead.
An inquest into her disappearance is continuing while liquidators assigned to her case get to work on returning the stolen money to victims.
But, how will the suspicious history of the home affect the sale price?
Well it could be hard to say. There is no evidence to suggest that anything nefarious happened to Caddick inside the home, though it is where she ran her Ponzi scheme from.
Research from the University of Technology Sydney (UTS) found that prices fell around 3.9 per cent for any home within a 0.2 mile radius of a murder.
Surprisingly, the research also found that having an increase in media attention around a certain murder case had no affect on prices.
“Taken together, our findings suggest that proximity to a murder affects nearby property prices, particularly in the first year after the incident,” the UTS research said.