Property developer Steve Nassif denies Sydney mansion arson

A Sydney property developer accused of burning down a $24m heritage-listed mansion will fight allegations he was behind the mysterious blaze.

Property developer Steve Nassif is one of two charged over $24m Northwood house fire last September.

A prominent Sydney property developer accused of burning down a $24m heritage-listed mansion on Sydney’s north shore will fight allegations he was behind the mysterious blaze after police charged him with destroying the property.

Steve Nassif, 69, pleaded not guilty to destroying a property by arson in September at the Campbelltown Local Court on Thursday, after he was arrested then released on bail in December, with a surety of $400,000.

NSW police allege Mr Nassif had business links to the owner of the seven-bedroom Northwood home, fund manager and property tycoon Ouyang “Owen” Chen, who is not accused of any wrongdoing.

Police further alleged 20-year-old Adams Kipkosgei Bett lit the blaze.

The state arson squad raided Mr Nassif’s house in the Blue Mountains three weeks ago.

In December, police prosecutor Sergeant Leon Payne told Penrith Local Court Mr Nassif knew Mr Chen and the pair had gone fishing and hunting together several times. “There’s a link there,” Sergeant Payne said. “But I don’t want to speculate ­further.”

Mr Chen, founder of Chinese lender Aoyin and ­Chinese-backed investment fund A­Capital, lodged a $5m dev­elopment application for the $24m home next to the incinerated house, but it had been rejected by council ­because, among several issues, it would have had an un­acceptable impact on the heritage mansion.

Mr Chen bought the Northwood mansion in 2021 and owns the property next door, which he bought for $5.6m in 2007.

Last year Lane Cove Council greenlit the development ­application, which includes an outdoor entertainment area, pool, spa and bar, but said the fire did not influence the decision.

The Australian does not suggest Mr Chen was involved with the fire.

Mr Nassif was released on strict bail conditions, which included reporting to Katoomba police station seven days a week, surrendering his passport and not entering any international airport. He is also under a curfew between 9pm and 6am and is not permitted to contact the co-accused, Mr Bett.

On Thursday, Mr Nassif also pleaded not guilty to a firearm charge.

Built in 1915, the palatial waterfront home was once owned by Mary Rossi, who became the first woman in Australia to have her own television program in 1956, A Woman’s World with Mary Rossi.