Dodgy developer’s $12.5m windfall

Wanted developer Jean Nassif’s financial situation has improved after a much-anticipated development.

Wanted developer Jean Nassif’s creditors are millions of dollars better off, after a much-anticipated development. Picture: Liam Mendes / The Australian

After 7300 page views on realestate.com.au, the vacated Chiswick home of Toplace Group property developer Jean Nassif has been sold under the instruction of administrators for $12.35 million.

The sale was secured by local agent Joe Bousimon, who had given a $9m guidance.

The 2019-built three-level Burns Crescent home is registered in Nassif’s name, although his estranged wife, Nisserine, has a caveat claiming a stake “by virtue of marriage”.

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 home was sold for $12.35m. Picture: Supplied

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.

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Nassif had owned the home since 2015.

When he had bought it for $4.9m.

One of the six bedrooms. Picture: Supplied

Administrators dVT Group, who examined Nassif’s accounts, have told creditors Nassif had “treated company bank accounts as his exclusive personal financial resources”.

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.

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Accused fraudster and fugitive property developer Jean Nassif in Lebanon. Picture: Supplied

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’s $12.5m windfall