Melissa Caddick’s house auction risks becoming ‘a circus’, court says
A public auction of missing con artist Melissa Caddick’s Dover Heights home risks “turning into a circus” because of the amount of publicity the case has attracted, the Federal Court has heard.
Steven Golledge, SC, who represents the receivers of Caddick’s assets, told Judge Brigitte Markovic on Monday that a new row had erupted between Caddick’s parents, Barb and Ted Grimley, and receiver Bruce Gleeson over the marketing and the sale of the Wallangra Road property which Caddick bought for $6.2 million in 2014.
Caddick acquired the house, along with an apartment in which her parents claim an interest, using funds she stole from her investors. From 2012 until her disappearance in 2020, Caddick ran a Ponzi scheme in which she embezzled more than $23 million in funds from investors, who were mostly family and friends.
Just last week, the court gave the go-ahead for receivers to take possession of Dover Heights, where Caddick’s husband Anthony Koletti has agreed to vacate by May 18.
Robert Newlinds, SC, who represents the Grimleys, complained his clients were ‘disappointed and bewildered’ that the receivers had not provided any details on how their daughter’s property was to be marketed, on what terms real estate agents would be hired and how many appraisals would be obtained.
Golledge said the receivers, who had experience with these types of sales, had yet to decide how best to sell the home. He noted that a call for tenders or expressions of interest could be chosen instead of an auction.
Newlinds also said proceeds from the sale of Dover Heights should also be used to pay off the mortgage on the Edgecliff property where the Grimleys live, as the bank charges default interest rates.
The penthouse above Edgecliff station was bought for $2.55 million by Caddick in 2014. Like Dover Heights, it still has a substantial mortgage. The Grimleys, who are in their 80s, say they had an agreement with their daughter to be able to live there rent-free for the rest of their lives.