Inside Melissa Caddick’s penthouse – and it’s insane value

Inside Melissa Caddick’s Edgecliff penthouse as it prepares to go under the hammer – and the insane amount it is expected to sell for

The luxury penthouse fraudster Melissa Caddick gave to her parents is expected to sell for millions when receivers put it in on the market as they continue to unravel the complicated estate. 

Located in Edgecliff’s Eastpoint Tower in Sydney’s inner eastern suburbs, the apartment residence that was originally given by Caddick to her parents in 2016 will go to auction on October 10.

Caddick’s parents Ted and Barbara Grimley had left the property ‘run down’ according to receivers who are liquidating their daughter’s assets to return money to investors she’d stolen from.

Originally the schemer purchased the home for $2.6million in 2016, but prices in the area have jumped since and it is now expected to fetch more than $5million. 

A warrant was issued for Caddick’s arrest on February 22 2021, just a week before her remains were found to have washed up on a beach 400kms south of Sydney.

Melissa Caddick, 49, (pictured) bought a penthouse for her parents for $2.6million in 2016, which is now being sold by receivers recouping the money she had stolen 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 $ million at auction on October 10

The sale of Caddick’s penthouse will see a ‘significant return to investors’ who are still reeling from her con, court-appointed receiver Bruce Gleeson said.

‘To see this receivership asset sold is really important because it means that we’re going to be able to make another significant return to investors, and that’s always been the focus for us … particularly when in a lot of Ponzi schemes there’s not a return to investors or a very small return,’ the principal at insolvency firm Jones Partners told the Sydney Morning Herald.

A recent listing says the three-bedroom, two-bathroom property features ‘views that flow uninterrupted from the city skyline and across Paddington’. 

Receivers have spent recent months having fresh carpet and light fittings installed, and painting the interior in an effort to maximise their returns at auction. 

The penthouse is on the top floor of the tower and includes a giant rooftop terrace and three lock-up garages.

Whoever moves in will also have access to a sauna and pool, and will be less than a minute away from the Edgecliff shopping complex.

Only a lift’s ride away, the complex includes Coles and Aldi supermarkets and specialists like a financial adviser and a podiatrist just under the building.

Spacious living rooms and sprawling views are on offer in the residence

A modern kitchen with casual dining and Caesar stone benchtops is also included

Edgecliff’s Eastpoint Tower has become known for its high-flying homebodies, one of whom airlifted a leather couch to the 19th floor and another, former Olympian Scott Miller, who tried to rehome an escort business in the building.

Other notable residents include former car dealer Neil Sutton and the late Lady (Florence) Packer. 

Caddick’s estate is currently the only penthouse on the market in Edgecliff, and creditors are hoping that will drive the price after it hit the market on Tuesday. 

Previous penthouses in the building sold for $5.1million in 2018 and $4.8million in 2019, but that was before the pandemic.

‘Over the last 12 to 18 months, we’ve seen a kick up in prices,’ Mr Gleeson continued.  

Mr Gleeson is looking to avoid a repeat of the crowded inspections of Caddick’s primary residence in Dover Heights, which sold for $9.8million earlier this year. 

To inspect the Edgecliff penthouse, anyone interested has to front a refundable $10,000 deposit to prove they’re legitimately interested. 

Inspections of Caddick’s primary residence were flooded with stickybeakers, who simply wanted a glimpse into the luxurious life of the mysterious criminal.

Each bedroom comes with built-in robes, but only the master includes an ensuite & walk-in wardrobe

Caddick's parents, Ted and Barbara Grimley (pictured), claimed to have a 37 per cent stake in the property, finally moving out after being offered $950,000 from their daughter's estate

The sale of Caddick’s final piece of real estate had been stalled by her parents, who told receivers that they gave $1million to their daughter for the mortgage. 

Mr and Ms Grimley made an agreement with their daughter that they would be able to live out the rest of their days rent-free in the dreamhouse in exchange for the 37 per cent stake.

Caddick was found to have squandered the million on jewelry and private jets however, as opposed to paying off the mortgage. 

After lengthy litigation the two finally agreed to vacate the property once they were offered a $950,000 return from their daughter’s assets. 

Once finalised, the money raised at the auction will go directly to the victims of Caddick’s scam. 

Mr Gleeson hopes that the turnover will be quick enough to act as a neat Christmas present for receivers, who could get the funds processed before the year’s end.

Following the sale of this home, Mr Gleeson’s team will be looking to finalise their work on the estate by May or June 2024. 

An initial payment of $3million had already been made to 55 creditors in August.

Caddick’s affairs have caused headaches for federal police and creditors since her disappearance on November 12, 2020 from her Dover Heights home.

Prior to her disappearance, the Australian Securities and Investments Commission, for numerous breaches of the Corporations Act had issued a warrant for her arrest. 

The night before her disappearance Australian Federal Police were some of the last to see Caddick alive after executing a search warrant on her home at 7pm. 

The con-woman was found to have taken $23.5million in investors funds, which she used to fund her lavish lifestyle. 

She had spent the money on luxury goods like cars, art, jewels, and her two multimillion dollar properties.

The mystery of her disappearance only deepened when two men walking along Bournda Beach on the state’s South Coast found a foot belonging to the missing conwoman.

The remains were confirmed to be Caddick’s when scientists were able to extract DNA from the foot, found in a decrepit ASICS shoe.

The disappearance of Caddick is still unresolved after her remains were found washed up on a beach 400kms south of Sydney (pictured: remains of Caddick's foot)


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