Dead fraudster Melissa Caddick’s final asset for sale

The exclusive property owned by the dead fraudster has sweeping views of Sydney Harbour and the city skyline and is going for an insane price.

An exclusive penthouse apartment in Edgecliff’s Eastpoint Tower owned by fraudster Melissa Caddick has hit the market today with a price tag of $5 million-plus.

Ms Caddick bought the apartment in 2016 for $2.55 million as a city pad for her parents, Barbara and Ted Grimley.

The penthouse, at 1904/180 Ocean Street, features three bedrooms, two bathrooms, a three-car garage and roof terrace with views of the city skyline and Sydney Harbour.

The penthouse features sweeping views of Sydney Harbour. Picture: Richardson and Wrench.

The luxury complex features a pool and sauna. Picture: Richardson and Wrench.

Mr and Mrs Grimley claimed they gave their daughter $1 million for a 37 per cent share of the property and had an agreement to live rent-free in the home for the rest of their lives.

After a legal battle in the Federal Court they agreed to vacate the penthouse in return for $950,000 from their daughter’s estate.

The Grimleys have not been accused of any wrongdoing.

The property will be sold at auction on October 10 by Paul Kantor of Richardson and Wrench Double Bay, under instructions from Bruce Gleeson, the court-appointed receiver of Ms Caddick’s assets.

Mr Gleeson told The Sydney Morning Herald the property was previously “tired and run down” and had been repainted, recarpeted and had new light fittings installed prior to being listed for sale.

The apartment, in an exclusive building, is expected to sell for in excess of $5 million. Picture: Richardson and Wrench.

The penthouse comes with Sydney city views. Picture: Richardson and Wrench.

“To see this receivership asset sold is really important because it means that we’re going to be able to make another significant return to investors, and that’s always been the focus for us … particularly when in a lot of Ponzi schemes there’s not a return to investors or a very small return,” Mr Gleeson said.

Ms Caddick disappeared in late 2020, following a raid on her home by the Australian Securities and Investments Commission (ASIC) who were investigating her over a Ponzi scheme she had been running.

She claimed to be a licensed financial adviser but rather than investing at least $23 million from more than 50 investors she used the money to fund a lavish lifestyle, buying properties, luxury cars, designer clothing, artwork and jewellery.

Melissa Caddick disappeared the day after ASIC investigators raided her house. Picture: NSW Police.

In May, a NSW coronial inquiry ruled that Ms Caddick, whose foot washed up on a beach 400 kilometres south of Sydney in February 2021, was most likely dead.

Ms Caddick’s Dover Heights home sold for $9.8 million in January 2023 by the receiver, while her other assets have also been liquidated.

Creditors received an initial payout in August, with $3 million distributed among 55 investors.

Proceeds from the penthouse sale are hoped to be distributed before Christmas, marking a final payout to the duped investors, with the receivership wrapped up by mid-2024.