Forum Group founder Bill Papas’s $5000 a night weekender hits market with record price in view

Liquidators to alleged fraudster Bill Papas’s businesses have listed his opulent Hamptons-style waterfront retreat at Wagstaffe, with hopes of smashing Central Coast price records.

As much as $15m is expected for Forum Group founder Bill Papas’s seven-bedroom home with deep waterfront at 6 Bulkara St, Wagstaffe, on NSW’s Central Coast.

Fresh from selling his Rozelle mansion in Sydney’s inner west, liquidators to alleged fraudster Bill Papas’s businesses have further moved on his assets, listing his opulent Hamptons style waterfront retreat at Wagstaffe, north of Sydney, with hopes of smashing all Central Coast price records.

Previously rented to holiday makers at a hefty $5000 a night, as much as $13.5m is expected for the Forum Group founder’s seven-bedroom home with deep waterfront at 6 Bulkara St, according to listing agent Cathy Baker of Belle Property Killcare.

Mr Papas purchased the property, which is billed as one of the most expensive and prestigious properties on the Central Coast, in July 2020 for $9.5m.

A second deep waterfront also in Bulkara St, which has a guide of around $9m, has also been listed through Mrs Baker on behalf of Mr Papas’s liquidators, McGrathNicol.

The award-winning house includes an outdoor entertaining area with barbecue, infinity pool and timber decking.

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.

Mr Papas’s four bedroom Rozelle home, in Sydney’s inner west, was recently sold by the liquidators for around $4.4m.

Further north, at Wagstaffe, the property at 6 Bulkara St is developed on 2200sq m and sports seven bedrooms with ensuites, a walk-in cellar, as well as a private boatshed retreat, jetty and mooring.

Elyse Knowles at 6 Bulkara St, Wagstaffe, NSW.

Spread over two levels, the award-winning house includes an outdoor entertaining area with barbecue, infinity pool and timber decking.

“Built on nearly 2200sq m of prime north-facing deepwater land on the doorstep of beautiful Bouddi National Park, 6 Bulkara St is a rare gem that offers the finest in luxury waterfront living. From the resort-style pool to the private entertaining area and the well thought out bedrooms and chic light-filled living spaces, it is the epitome of coastal living and the ideal holiday home,” Mrs Baker said.

The home is located in the exclusive San Toy Estate and will smash existing price records of $10.5m if it sells for the $13.5m expected.

Mrs Baker said it was a popular holiday rental at $5000 a night, meeting the prices paid at Palm Beach.

She has enlisted model Elyse Knowles to help market the estate.

“Elyse has been an ambassador of ours for the last couple of years,” she said.

Originally published as Forum Group founder Bill Papas’s $5000 a night weekender hits market with record price in view