Melissa Caddick’s luxury pad cops big price hit
A luxury penthouse bought by fraudster Melissa Caddick and being sold off to help those she fleeced has been hit with a big price fall.
The Eastpoint Tower, Edgecliff, penthouse listed by the receivers of the estate of fraudster Melissa Caddick has seen its asking price slashed.
Initially seeking $5.5m for the 19th floor Ocean St abode, its Richardson & Wrench listing agents Tim Muckenschnabl and Paul Kantor issued revised $4.8m guidance midweek.
It comes after two months of marketing during which it was pulled from its early October auction.
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Spanning 143sq m of internal space, the three-bedroom, three-bathroom penthouse comes with a lock-up garage for three cars. There is easy access to retail amenities and bus and rail
The Mirvac-built Eastpoint Tower apartment has views of the CBD and harbour from its open plan living and dining area as well as a balcony and terrace
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The last two penthouse apartments sold for $5.1m in 2018 and $4.8m in 2019.
The listing came after an unrenovated two-bedroom, two-bathroom apartment on level 15 sold for $4.1m.
The Caddick apartment last changed hands in 2016, when the fraudster bought it for her parents for $2.55m.
Caddick used stolen client funds along with persuading her parents, Barb and Ted Grimley, to pay $1m in return for a nominal one-third ownership and rent-free life tenancy.
Her parents vacated the apartment after the receivers agreed to pay them $950,000.
Caddick, who vanished on November 12, 2020, stole more than $23m from family and friends in an elaborate Ponzi scheme.
Her Dover Heights house secured $9.8m in the most significant return to investors.
Recovery efforts against investors who were repaid their initial investment and the profit from the fictitious share portfolio remain under way, according to Bruce Gleeson, the court-appointed receiver of Caddick’s assets.
According to PropTrack, the median unit price in Edgecliff is $1.3m. That’s down 16.1 per cent over the past 12 months.
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Originally published as Melissa Caddick’s luxury pad cops big price hit
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