Dodgy developer Jean Nassif’s Chiswick home listed for auction
Several disgruntled parties are shaping up for a bitter $10m battle as disgraced developer Jean Nassif continues living it up as an international fugitive.
The former Chiswick waterfront house of Toplace property developer Jean Nassif has officially hit the market months after a bitter fight with administrators of his collapsed $2bn property empire.
The Chiswick house has been listed for a December 6 auction with Belle Property Concord without a price guide and is located just along from the suburb’s top sale, which was $13.3m for a three-level house, designed using feng shui principles, on a 1575sq m Burns Crescent property in June.
Nassif, who failed to rectify poor quality Toplace apartment buildings before his flight to Lebanon, bought the 968sq m property with jetty for $4.9m in 2015 through McGrath Hunters Hill with Westpac finance.
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The 2019-built home is registered just in his name, although the most recent dealing has been his wife Nisserine lodging a caveat claiming a stake in the property “by virtue of marriage”.
It was Nissy who was the recipient of a $325,000 yellow Lamborghini, famously given as a gift on Valentine’s Day 2021 and which was transferred to an undisclosed party before the appointment of the Toplace administrators.
There are other claims on title, plus a mortgage to Toplace.
Four of the caveats are to companies: Bunnings Group, Saferway, Secured Lending 2 and Infrabuild Construction Solutions. There is also a caveat placed by Johnny Jreije arising from a claim over a 2021 loan agreement.
Administrators dVT Group, who examined Nassif’s accounts, have told creditors Nassif had “treated company bank accounts as his exclusive personal financial resources”.
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Creditors have been told company funds covered the deposit for the Chiswick property, development costs and mortgage payments.
The investigation revealed that Nassif had borrowed $7,147,971 from the company.
The report also advised Nassif had transferred millions out of Toplace to Lebanon where he owns property in Beirut.
A warrant was issued in June 2023 for the arrest of Jean Khazen Nassif, after New South Wales police probed allegations of financial wrongdoing at his family business in a two-year investigation.
Toplace had its building licence cancelled in 2022 and Nassif was barred from running a building company for 10 years after a series of major defects were uncovered at developments.
The abandoned apartments in its Castle Hill tower complex will be completed, after a rescue deal was struck with ALAND this week.
Nissy is not accused of any wrongdoing.
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Originally published as Dodgy developer Jean Nassif’s Chiswick home listed for auction
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