Alleged Bicycle Bandit Kym Allen Parsons has $1.5m in assets frozen by courts

The alleged Bicycle Bandit may have won bail, but has now lost control of well over a million dollars worth of property and cash as his prosecution continues.

The terminally ill, chocolate sponge cake-loving alleged Bicycle Bandit has lost control of his $1.5 million in assets – including the seaside home in which he lives on home detention bail.

On Monday, the District Court imposed restraining orders upon Kym Allen Parsons’ five bank accounts, station wagon and million-dollar O’Sullivan Beach home.

The orders mean neither Mr Parsons nor his wife may sell or in any way devalue the $1.19 million house in which, prosecutors allege, he stored 4000 rounds of ammunition and numerous firearms.

The couple may also not access $339,000 cash held in their five bank accounts, nor dispose of their Hyundai Terracan station wagon, so long as Mr Parsons is facing charges over the alleged robbery spree.

While prosecutors have promised “swift justice” and said they will seek an expedited trial, Mr Parsons’ counsel say his cancer means he will likely die before any case reaches a jury.

Kym Allen Parsons leaves the Adelaide Remand Centre on Monday evening after winning his bid for bail.

Mr Parsons, 73, has yet to plead to allegations he was the Bicycle Bandit who stole more than $250,000 from 11 banks over a 10-year period.

He was released on bail after a court heard he was terminally ill and had lost 7kg in custody – despite enjoying “the best chocolate sponge cake he had ever eaten” while behind bars.

Prosecutors have alleged he remains a danger to the public because he was in possession of a large cache of weapons and “a manifesto” about “vengeance” and “stepping outside the law”.

Mr Parsons’ home at O'Sullivan Beach. Picture: Keryn Stevens

On Monday, prosecutor Anthony Schapel asked the court to make restraining orders on Mr Parsons’ property.

“The property in question is a house at O’Sullivan Beach, which is in joint names with Mr Parsons’ spouse and estimated to be worth $1.19 million,” he said.

“There is also a Hyundai Terracan, of which Mr Parsons is the sole registered owner, and five bank accounts in various sums … in one account, there is $200,000.”

Alda Shkambi, for Mr Parsons, asked the court to postpone the making of any restraining order.

“My instructions are to seek an adjournment … my client was in custody for some time and was only recently released,” she said.

“Because of his current bail conditions, he’s unable to leave his property and we are intending to visit him on Friday to take instructions in relation to these matters.”

Mr Schapel, however, said SA law clearly stated that courts must grant restraining orders when sought by prosecutors.

He said the law allowed Mr Parsons to ask a court to vary, alter or lift those orders at a later date, meaning there was “no reason” to delay.

Judge Simon Stretton agreed and made the restraining orders.

Mr Parsons will next face the Adelaide Magistrates Court in February.