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The luxury penthouse scam Melissa Caddick gave her parents is expected to sell for millions when receivers put it on the market as they continue to unravel the complicated estate.
Located in the Eastpoint Tower in Edgecliff, in Sydney’s eastern suburbs, the apartment complex originally gifted by Caddick to his parents in 2016 will be auctioned on October 10.
Caddick’s parents, Ted and Barbara Grimley, had left the property “in ruins,” according to receivers who are liquidating their daughter’s assets to return money to investors she had stolen.
The schemer originally purchased the home for $2.6 million in 2016, but prices in the area have since soared and it is now expected to fetch more than $5 million.
An arrest warrant was issued for Caddick on February 22, 2021, just a week before his remains were found washed up on a beach 400km south of Sydney.
Melissa Caddick, 49 (pictured), bought a penthouse for her parents for $2.6 million in 2016, which is now being sold by receivers recouping money she stole from investors.
The penthouse sits atop Edgecliff’s Eastpoint Tower (pictured), located at 1904/180 Ocean Street, and is expected to sell for more than $1 million at auction on October 10.
The sale of Caddick’s penthouse will result in a “significant return for investors” who are still reeling from his scam, court-appointed receiver Bruce Gleeson said.
“The sale of this escrow asset is really important because it means we’re going to be able to generate another significant return for investors, and that’s always been our goal… particularly when in many Ponzi schemes it “There is no return to investors or a very small return”, the director of the insolvency firm Jones Partners told the Sydney Morning Herald.
A recent announcement says the three-bedroom, two-bathroom property offers “uninterrupted views across the city skyline and across to Paddington”.
The recipients have spent the last few months have new carpets and light fixtures installed and the interior painted in an effort to maximize their auction returns.
The penthouse is on the top floor of the tower and includes a giant roof terrace and three closed garages.
Anyone who moves in will also have access to a sauna and swimming pool and will be less than a minute from the Edgecliff shopping complex.
Just a short elevator ride away, the complex has Coles and Aldi supermarkets and specialists like a financial advisor and podiatrist right under the building.
The penthouse has three bedrooms and two bathrooms and has access to a swimming pool and sauna within the tower complex.
Edgecliff’s Eastpoint Tower became known for its high-flying homebodies, one of whom flew a leather couch up to the 19th floor and another, former Olympian Scott Miller, who attempted to install an escort company in the building.
Other notable residents include former car dealer Neil Sutton and the late Lady (Florence) Packer.
The Caddick Estate is currently the only penthouse on the market in Edgecliff, and lenders hope that will drive up the price after it hits the market on Tuesday.
Previous penthouses in the building sold for $5.1 million in 2018 and $4.8 million in 2019, but that was before the pandemic.
“Over the last 12 to 18 months we have seen prices rise,” Mr Gleeson continued.
Caddick’s primary residence in Dover Heights sold for $9.8 million earlier this year.
Each bedroom comes with built-in robes, but only the master bedroom has an en-suite bathroom and walk-in closet.
Caddick’s parents, Ted and Barbara Grimley (pictured), claimed to have a 37% stake in the property, before moving out after being offered $950,000 from their daughter’s estate.
The sale of Caddick’s last property had been blocked by her parents, who told the receivers that they had given their daughter $1 million for the mortgage.
Mr and Mrs Grimley struck a deal with their daughter that they could live the rest of their days rent-free in the dream home in exchange for a 37 per cent equity interest.
It turned out that Caddick had squandered the million on jewelry and private jets, instead of paying off the mortgage.
After lengthy litigation, the two finally agreed to vacate the property after being offered a $950,000 return of their daughter’s assets.
Once finalized, the money raised from the auction will go directly to the victims of Caddick’s scam.
Mr Gleeson hopes the turnover will be fast enough to make a nice Christmas present for recipients, who could get the funds processed before the end of the year.
Following the sale of this house, Mr Gleeson’s team will seek to complete their work on the estate by May or June 2024.
A first payment of $3 million had already been made to 55 creditors in August.
Caddick’s affairs have caused headaches for federal police and creditors since his disappearance on November 12, 2020, from his Dover Heights home.
Before her disappearance, the Australian Securities and Investments Commission, for numerous violations of the Corporations Act, had issued a warrant for her arrest.
The night before she disappeared, Australian Federal Police were among the last to see Caddick alive after executing a search warrant at her home at 7 p.m.
The scammer was found to have taken $23.5 million in investor funds, which she used to fund her lavish lifestyle.
She had spent the money on luxury goods like cars, art, jewelry and her two multi-million dollar properties.
The mystery of her disappearance deepened further when two men walking along Bournda Beach on the state’s south coast found a foot belonging to the missing crook.
The remains were confirmed to belong to Caddick when scientists were able to extract DNA from the foot, found in a decrepit ASICS shoe.
Caddick’s disappearance remains unsolved after his remains were found washed up on a beach 400km south of Sydney (pictured: Remains of Caddick’s foot)