Toowoon Bay: Dolina fashion house tax fraudster Nitzan Ronen building new beachfront mansion
You won’t believe who’s behind Toowoon Bay’s newest luxury holiday home or the lengths he may have gone to protect his multimillion-dollar views.
Central Coast
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This palatial two-storey, six bedroom absolute beachfront mansion could be the most expensive new build on the Central Coast.
But if that’s not enough to set local tongues wagging, you won’t believe who’s behind Toowoon Bay’s newest luxury holiday home or the lengths he may have gone to protect his multimillion-dollar views.
A development application was lodged by none other than Nitzan Ronen, of the Dolina fashion house family, in 2016.
The plan was to subdivide three neighbouring blocks into two, knock down the existing houses and build a 500sq m mansion on the larger beachfront lot at 26 Binburra Ave.
The estimated cost of the works is listed at $3,734,500 and one local real estate agent said he heard the builder had spent more than a million dollars into the footings alone for the sloping block.
The eastern suburbs fashion family spectacularly fell from grace after the introduction of the GST in July 2000, which required record-keeping at point of sale.
Suddenly they had to explain to the Australian Taxation Office why their cash sales had “dramatically and inexplicably” skyrocketed, a court heard.
After one of the longest Supreme Court trials, a jury found it was because matriarch fashion queen Ida Ronen and her sons Nitzan and Izhar had been siphoning off 90 per cent of their cash sales to their other companies, mostly in Israel, to the tune of $15 million.
The brothers were sentenced to a minimum five and a half years jail, which expired in July 2010, while their mum was sentenced to a minimum of four and a half years — weeping openly in the dock as the Judgement was handed down.
Having paid his debt to society Nitzan, 62, of Edgecliff, appears to have set his sights on a Toowoon Bay weekender — and not just one.
Property records show a company he owned purchased 115A-117 Toowoon Bay Rd for $1.5 million a year after his release before subdividing it with the neighbouring property at 26 Binburra Ave.
Meanwhile, the owner of the property on the other side at 119 Toowoon Bay Rd got DA approval in 2018 to knock down and rebuild a multi-level mansion, complete with internal lift and sweeping external balconies.
Real estate records show a company Nitzan Ronen owned quietly purchased the property in an unlisted, private sale for a suburb record $4.3 million last year.
The sale fuelled speculation he paid top dollar to stop anyone building him out.
In any event the acquisitions have netted the millionaire former rag trader enviable waterfront holdings in the heart of one of the coast’s most sought after beachside suburbs.
