Richard Pusey: ING Bank moves to strip Eastern Freeway villain of Melbourne CBD investment property

Eastern Freeway villain Richard Pusey looks set to be stripped of an investment property after falling behind in mortgage repayments.

Richard Pusey after being released from prison. Picture: Ian Currie

A bank has moved to repossess the last significant asset owned by “the most hated man in Australia”, former millionaire Richard Pusey.

The Herald Sun can reveal the cash-strapped Pusey — who now identifies as a woman — has fallen more than $92,000 behind on a $2.25m commercial mortgage she took out in 2016 to bankroll the purchase of an office building on Little Latrobe St in the CBD.

A writ filed by ING Bank in the Supreme Court last month reveals Pusey and her company, Xuxu pty ltd, still owe more than $2m of the $2.25m the bank lent her in 2016.

The bank is seeking court orders that Pusey pay it the full amount owing, and pay its legal fees.

It is understood the bank will repossess the property and auction it off if Pusey is unable to come up with the cash needed to discharge the loan.

Eastern freeway Porsche driver Richard Pusey leaves the Metropolitan Remand Centre. Picture: Jason Edwards

Richard Pusey, shortly after being released on bail in 2020. Picture: Andrew Henshaw

The case represents the latest legal blow for the Eastern Freeway villain, who was jailed in 2021 for publishing videos of four dead and dying police officers after they were hit by a truck after pulling her over for speeding.

At the time, Pusey had amassed a property portfolio worth more than $12m, with property records showing the Little Latrobe St office building to have been the most valuable investment held by Pusey and her family companies.

The former mortgage broker began selling off chunks of her property portfolio to fund her legal battles, but retained the Little Latrobe St office block.

Pusey has typically been represented by senior counsel, at a cost of more than $15,000 per day, and her legal proceedings have often become drawn out affairs as a result of her erratic behaviour.

The writ filed by ING gives fresh insight into Pusey’s financial woes.

The bank first wrote to Pusey in January this year, demanding she repay more than $92,000 in arrears.

By March, Pusey was yet to repay a cent.

Pusey’s default on her mortgage means the bank will now hit her with a 12.52 per cent default interest rate on the $2.05m remaining on the loan until it is discharged, meaning she will be sent a monthly interest bill of more than $20,000 until she signs over the office block to ING or repays the full amount owing.

It is unclear whether Pusey knows about the bank moving to take over the office block.

Pusey spends much of her time travelling the state aimlessly on public transport.

She is unable to work in her former profession as a mortgage broker, after ASIC in 2021 banned her from providing financial services for a decade after determining she “lacks the attributes of good character, honesty, and judgment” and “has no regard for the law”.