Mark Casey demands $660m on his late son’s behalf, court documents show

A $70,000 loan to a Sorrento family has spiralled into a $660m court battle, as Melbourne property tycoon Mark Casey sues on behalf of his late son.

Property tycoon Mark Casey with his late son, James, who entered into a loan agreement with Stephen Giderson.

Property tycoon Mark Casey is suing a Sorrento family for almost $660m after his late son loaned them $70,000 at sky-high interest rates before his sudden death.

Mr Casey, a Melbourne Cup-winning owner who was once tipped to be the next ­Essendon Football Club president, has lodged the Supreme Court action on behalf of his son James’s estate.

At issue are two loans, negotiated in 2017 and 2018.

James Casey, 26, died after forgetting his insulin while on a night out in New York in ­August last year.

Stephen Giderson has been sued for $660m by property tycoon and powerbroker Mark Casey. Picture: Supplied

In court documents, his ­father has demanded $659,757,405 on his late son’s behalf from tech exec Stephen Giderson – the former boyfriend of Real Housewives of Melbourne star Susie McLean – and Mr Giderson’s parents, Norman and Michele.

Norman Giderson told the Herald Sun the interest rate amounted to “loan sharking” and claimed he and his wife’s signatures had been forged six years earlier.

Mr Casey, however, said the loans were “only supposed to be for a couple of months” and the Gidersons had agreed to the rate.

“There are always two sides to the truth,” Mr Casey said.

A part-owner of last year’s Melbourne Cup winner Gold Trip, Mr Casey said his son had loaned the money to Stephen Giderson, who runs crypto business Dropspot.io, and Mr Giderson’s parents had guaranteed it.

Mark Casey, pictured with his son, James, is a Melbourne Cup-winning horse owner.

“Now James has passed, we wanted to clear it up,” he said.

In court documents, Mr Casey alleges that James loaned the Gidersons $40,880 in 2017 and $30,000 in 2018, at interest rates of up to 15 per cent a month.

He claims the family failed to pay both debts within the allocated 12 months and now owed nearly $660m thanks to the extraordinarily high compound interest.

He’s also calling for Norman, 77, and Michele, 76, to transfer over their family home in Sorrento.

Mr Casey conceded to the Herald Sun that the interest rate charged was “not realistic” over five years.

“No court is going to uphold something like that and it (any settlement) needs to be on commercial terms,” he said.

He said he had offered to settle the debt for $190,000.

However, Norman and Michelle Giderson have told the court their signatures were forged six years ago when son Stephen organised the first loan with James Casey.

Stephen Giderson has also worked at Whizz Technologies, a cleaning company backed by rich-listers including retail billionaires the Gandel family, Richard Pratt’s former son-in-law Alex Waislitz, and Sydney property ­investor Jon Adgemis.

Court documents show that in 2021 Stephen Giderson agreed to give James Casey shares in Whizz said to be worth $47,700 as part repayment of the 2018 loan.

Stephen Giderson with his parents Norman and Michelle. Picture: Instagram

The Gidersons have also paid $14,500 towards the 2018 loan and $5173.50 towards the 2017 loan.

“My son basically borrowed some money and put my name down … as surety; I didn’t know anything about it until we received this letter to say you owe $1.6m or whatever it was,” Mr Giderson Sr told the Herald Sun.

“I mean, I don’t know how you get $660m, there was a compound interest but I can’t even believe that figure.”

He said he “wouldn’t borrow money at that ridiculous rate if you paid me”.

“It’s really usury or loan sharking, whatever you’d like to call it.”

Norman Giderson said: ‘I don’t know how you get $660m’. Picture: Instagram

However, Mr Casey said the loan rate his son had originally organised was “reasonable” over the short time-frame originally set out at the time.

“The interest rate James did with him at the time is quite normal. If you are lending someone $30,000 for the month at 10 per cent, that’s three grand for the month,” he said.

“That’s not unreasonable, and courts have quite rightly said that in lots of court cases.”

Mr Giderson Sr said a caveat had been put on his and his wife’s Sorrento home, which he claimed was supposed to be ­removed on Thursday.

“But they’re now asking for extra time, and I’m pretty sure they’ll try and put another caveat on but they’re not going to get $660m out of me. I don’t own $660m, for God’s sake,” he said.

“It’s just ridiculous is what it is.”

He added: “How many times have you got to prove it’s not my signature? Or my wife’s?”

Stephen Giderson said he had been advised not to comment on the forgery allegation, but documents showed the loans had been paid off and he hoped to resolve the “misunderstanding” at a mediation on Friday with James Casey’s estate.

“The loan between James and myself, we believed was on the right footing,” he said.

“James and I were close personal friends and remained that way until he died. It’s difficult for James to explain himself ­because he’s not here. It probably should never have got to this point but lawyers got in the middle without other people knowing what’s going on.”

The case continues.

Originally published as Mark Casey demands $660m on his late son’s behalf, court documents show