The victims of one of Australia’s most infamous fraudsters have been left aghast at what they will get back from her estate – including the funds from her luxury home.
Clients ripped off by Melissa Caddick, who has been declared dead, will receive just 40c in the dollar for what they were owed by the wealthy con artist.
It is believed Caddick misappropriated around $30m of her clients’ finances.
A major move in clawing back those funds was the sale of her multi-level Dover Heights home, which boasts Harbour Bridge and Opera House views and a swimming pool, for $9.8m.
That mansion in Sydney’s affluent Eastern Suburbs was raided by authorities in 2020, amid claims the 49-year-old accountant had operated an expansive Ponzi Scheme.
Caddick disappeared the day after the raid and has never been seen again.
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Melissa Caddick.
In May 2023, the NSW Coroner’s Court declared Caddick deceased, after her decomposed foot was found washed up on a beach on the NSW South Coast.
Now as the saga, which was the subject of a Channel 9 miniseries: Underbelly: Vanishing Act, comes closer to a conclusion, court-appointed receiver from insolvency firm Jones Partners Bruce Gleeson revealed creditors would only receive back 40 per cent of what they were owed by Caddick.
That means around $12m has been recouped.
Gleeson said the matter was “one of the most challenging and long-running” in his career.
“We’re proud to have achieved recoveries that allowed us to return almost 40 cents in the dollar to investors who placed their trust in Caddick as their financial adviser,” he said.
“The emotional and financial toll on those investors, when they realised their savings were anything but safe, was never lost on us throughout this process.”
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Caddick’s Dover Heights home. Picture: NewsWire / Monique Harmer
It was sold for $9.8m .Picture: NewsWire / Monique Harmer
The view from one of the upper levels. .Picture: NewsWire / Monique Harmer
Fraud Queen Caddick, who was dubbed by one of her victims, upset about the 40 per cent return, as “the con artist of the century”, had her $860,000 jewellery collection sold off. Her son’s $17,000 sneaker collection was also sold in order to recoup funds for creditors.
However the biggest slice of her stolen fortune that was forcibly sold off was the $9.8m home, where she kept at least two safes and where she was busted by the police.
The home received a ‘facelift’ – which included – new floating oak hybrid floors in the living areas; carpets in the bedrooms; repainting and professional styling throughout to heighten its appeal to buyers before it went to market.
It was sold on October 28, 2022, for $9.8m according to property records.
Caddick paid $6.2m for it, in April 2014.
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One of at least two safes Caddick had in the home .Picture: NewsWire / Monique Harmer
“Commanding elevated outlooks across its exclusive eastern suburbs surrounds, this elegant family haven is set against a quintessential Sydney Harbour backdrop, with views stretching along the water to the city’s iconic skyline and Harbour Bridge,” the listing for the home read.
“This impressive home boasts luxury finishes to inspire an atmosphere of ready-made contemporary comfort, with a timeless palette and filled with an abundant of natural light throughout.
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The home was sold off to pay back victims.
Still images obtained on Tuesday, February 2, 2021, shows ASICS raid on Melissa Caddick. Picture: NSW Police.
“Featuring a functional and versatile floorplan, the home enjoys an open plan living and dining room flowing seamlessly to an expansive terrace with world-class harbour views, gourmet chef’s kitchen featuring an impressive island bench leading onto a spacious family room.
“The home extends to a spacious rooftop terrace, an entertainer’s delight featuring views across the harbour.”
Another property in nearby Edgecliff was also sold off. It was sold for around $4m in March 2024.
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