Fraudster Melissa Caddick’s penthouse withdrawn from auction at last minute

The cooling real estate market in Sydney’s east has prompted the last-minute withdrawal of the auction of fraudster Melissa Caddick’s Edgecliff penthouse in a move set to disappoint investors who lost millions.

The three-bedroom penthouse in Eastpoint Tower, above the Edgecliff Centre and train station, was set to be auctioned on Tuesday night by the receivers of Caddick’s estate, Bruce Gleeson and Daniel Soire from Jones Partners.

Melissa Caddick and the view from the balcony of the Edgecliff penthouse she bought for her parents.

A decision was made to withdraw the property from auction. The apartment, the last major asset in Caddick’s estate to be sold, is now listed for sale.

“We’re disappointed at the delay but hopeful that the eventual outcome will be beneficial for Melissa Caddick’s defrauded investors,” said one of her victims.

Industry sources have estimated the price guide for the apartment as being between $5 million and $5.5 million.

“This exceptional penthouse is in an outstanding location in Edgecliff, NSW, and we remain confident of a favourable outcome,” Gleeson said in a press release.

The real estate agent handling the sale, Paul Kantor, from Richardson & Wrench in Double Bay, remained optimistic about selling the apartment which he said was “perfect for downsizers”.

Apart from three lock-up garages, a pool and gym, “if you run out of milk at 10 o’clock at night, there’s Coles on level four,” Kantor said.

In 2016, Caddick used stolen funds for the deposit to secure the Edgecliff property for $2.55 million. She persuaded her parents, Barb and Ted Grimley, to pay her $1 million for a one-third ownership and a life tenancy.

However, more than half her parents’ money was used by their daughter to buy a diamond ring. The rest Caddick spent on lifestyle expenses including private jets.

Melissa Caddick’s parents Barbara and Ted Grimley.Credit: James Brickwood

After a lengthy legal battle, during which the Grimleys contended that they had priority over other out-of-pocket investors, Caddick’s parents recently vacated the apartment after the receivers agreed to pay them $950,000 from their daughter’s estate.

In better news for out-of-pocket investors, the receivers expect to claw back $1.05 million from the tax office. Caddick’s personal company Maliver paid tax on fictitious income, which in reality was the proceeds of crime.

The conwoman, who vanished almost three years ago, fleeced family and friends of more than $23 million by pretending to invest their money in shares. Instead, Caddick used the funds to maintain a lavish lifestyle which included the purchase of two properties.

The interior of the Edgecliff penthouse apartment that once belonged to Melissa Caddick..Credit: Kate Geraghty

Earlier this year Caddick’s Dover Heights home, purchased in 2014 for $6.2 million, was sold for $9.8 million.

Caddick disappeared in the early hours of November 12, 2020. The previous night her home was raided by the Federal Police acting on behalf of the corporate regulator, ASIC, relating to the Ponzi scheme she’d been running since 2012.

In May, a coroner found that while the fraudster is dead, the cause and manner of her death are set to remain a mystery because of her husband Anthony Koletti’s failure to provide a “frank account” of what took place in the 30 hours before he reported her missing.

The Caddick case will return to court on November 13 to deal with outstanding issues, including Koletti’s claim over watches and jewellery, as well as an assortment of high-end designer sneakers, valued at around $25,000, which were collected by Caddick’s teenage son.

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