Fraud queen Melissa Caddick’s final humiliation

Late fraudster Melissa’s Caddick has suffered one final indignity but it’s sadly also a blow to her many creditors.

Late fraudster Melissa’s Caddick has suffered one final indignity. Picture: NSW Police.

The Eastpoint Tower, Edgecliff, penthouse listed by the receivers of the estate of fraudster Melissa Caddick has been sold four months after its asking price was slashed.

Spanning 143sq m of internal space, the three-bedroom, three-bathroom penthouse was initially listed with $5.5m hopes for an October auction.

The guidance for the 19th-floor Ocean St abode was then revised to around $4.5m and to $4m more recently. The Mirvac-built, Eastpoint Tower apartment, which has views of the CBD and harbour, sold at an undisclosed price through Mary Lin at Sydney Sotheby’s.

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The Eastpoint Tower, Edgecliff, penthouse listed by the receivers of the estate of fraudster Melissa Caddick has been sold.

The apartment has views of the Sydney CBD and harbour.

According to reports, it was sold closer to the $4m mark.

The fraudster bought it for her parents for $2.55m in 2016 but 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. They have since spent $800,000 in southern Sydney.

According to PropTrack, the median unit price in Edgecliff in Sydney’s Eastern Suburbs is $2,177,500. That’s down 41.9 per cent over the past 12 months.

Caddick vanished in November 2020 after being raided by ASIC and the Australian Federal Police. She had stolen more than $23m from family and friends in an elaborate Ponzi scheme with her company, Maliver, operating without an Australian Financial Services licence from 2013.

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Melissa Caddick.

Her Dover Heights house secured $9.8m in the biggest return to investors in late 2022. Such was the fascination that a $10,000 refundable deposit was required to view the fraudster’s former home in an attempt to separate stickybeaks from serious buyers when it was listed by Lin and her colleague Michael Pallier.

The listing came after repairs, repainting, recarpeting and pool compliance at the four-storey high-security Wallangra Rd home. There was also decor styling with virtually no trace of Caddick.

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Caddick’s Dover Heights home sold for $9.8m. NSW. Picture: NewsWire / Monique Harmer

It sold to Tongna He, who was unaware of the house history.

The receiver recently updated the accounts with $24,000 in art sales, but the proceeds are waning save for some unsold sneakers, unless recovery efforts against investors who were repaid their initial investment and the profit from the fictitious share portfolio occurs.

Creditors have been advised by Bruce Gleeson, the receiver, that the receivership is likely to wind up next February.

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Originally published as Fraud queen Melissa Caddick’s final humiliation