Sovereign Islands mansion of tax fraud Michael Issakidis and wife Donrecka set to go to auction
The socialite wife of a convicted Gold Coast tax fraudster has been turfed out of their swanky Sovereign Islands mansion so the Government can sell the property as a proceed of crime. INSIDE DETAILS >>>
THE socialite wife of convicted tax fraudster Michael Issakidis has been turfed out of their swanky Sovereign Islands mansion so the Government can sell the property as a proceeds of crime asset.
The locks have been changed on the 54 Royal Albert Crescent property, which was bought for $3.8 million in 2006, and it is set to go to auction.
Donrecka Issakidis slapped a caveat over the four-bedroom mansion in December, despite it being automatically forfeited to the Commonwealth after Mr Issakidis was convicted for his part in a $135 million tax evasion and money laundering scheme.
Mrs Issakidis, who was not charged with any offence and was not accused of wrongdoing, had refused to leave the home since it was forfeited, but lost her 2020 court bid to remain there.
The AFP had previously seized millions of the man’s assets including Rolls-Royces, a Lamborghini, an Aston Martin and a BMW following his conviction.
Property records show Professionals Vertullo Real Estate has been appointed to market the property. The agency’s Sovereign Island specialist Chris Moyer declined to comment.
A statement for the Australian Financial Services Authority, which is administering the sale, said a date for the auction was yet to be set.
“The Official Trustee is in the process of preparing the property for sale and public court records outline the process the Official Trustee has followed to date,” the statement said.
“No further comment will be made about the matter at this time.”
The home, which has four bathrooms and parking for six vehicles, was said in court documents to be “in a dilapidated state” and in need of repairs.
A land valuation for the 740 sqm property in June 2020 came in at $1.4m, while online valuations for the entire property are between $3m and $3.25m.
In April last year, Mr Issakidis unsuccessfully appealed his convictions to the High Court of Australia for conspiracy to defraud a commonwealth entity and conspiracy to deal with proceeds of crime.
The NSW Supreme Court sentenced Mr Issakidis to 10 years’ jail for his role in the largest tax fraud case ever successfully prosecuted in Australia.
Originally published as Sovereign Islands mansion of tax fraud Michael Issakidis and wife Donrecka set to go to auction
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