Another waterfront property formerly owned by Forum Group founder Bill Papas hits the market

A second NSW waterfront mansion that belonged to alleged fraudster and Forum Group founder Bill Papas has just hit the market with expectations of at least $10m.

Inside the house at 5 Bulkara St, Wagstaffe, for which at least $10m is being sought.

A second NSW waterfront mansion that belonged to alleged fraudster and Forum Group founder Bill Papas has just hit the market with price expectations of at least $10m, following the recent $16.2m sale of the failed businessman’s adjoining property.

Billed as one of the NSW Central Coast’s most luxurious waterfront holdings, liquidators McGrath Nicol have listed the five-bedroom 5 Bulkara St, Wagstaffe property, north of Sydney, through Belle Property agent Cathy Baker.

Part of the San Toy Estate, the property features a boathouse suspended over the waterfront and coastal views across to Bouddi National Park.

It was constructed in 2013 on a 2244 sqm north-facing holding and has a designer kitchen including a butler’s pantry as well as vast decks and an indoor pool overlooking the waterfront back in 2013.

Part of 5 Bulkara St, overlooking the water.

The architecturally designed property, featuring five bedrooms, five bathrooms and parking for six vehicles, was purchased by a company controlled by Mr Papas in January, 2019, for $5.8m according to CoreLogic records.

Mr Papas also previously owned a larger Hamptons-style waterfront at 6 Bulkara St Wagstaffe, about 100 km north of Sydney. It hit the market with a price tag of $13.5m earlier this year, but sold for nearly $3m more to an unidentified buyer, breaking the price record for the Central Coast area.

That waterfront property was also sold by McGrathNicol on behalf of Mr Papas, the founder of the Forum Group.

Forum Group founder Bill Papas.

Closer to the Sydney CBD, Mr Papas’s freestanding four-bedroom house in Rozelle, in the city’s inner west, sold for $4.4m in January through agents CobdenHayson.

The majority of Mr Papas’ Forum empire was placed into liquidation last year amid allegations in a civil proceeding brought by Westpac and two other lenders, Sumitomo and Société Générale, that Mr Papas had presided over a $500m fraud on the business.

Liquidators told a recent meeting that a portion of the proceeds from the alleged fraud were used to purchase luxury homes and high-performance vehicles.

Mr Papas remains in Greece with the Federal Court issuing an arrest warrant for him last October over contempt of court after he failed to respond to proceedings.