Government finds a buyer for seized residence of jailed fraudster
A Northbridge waterfront home seized as part of the Australia’s largest tax fraud scheme has sold for $4.61 million at auction.
The result was $410,000 above the $4.2 million “land value” price guide that had been set at the start of the campaign.
The Coolawin Rd property, was once the home of convicted criminal Anthony James Dickson, a former Ernst & Young executive, who is serving a 14 year jail term over a $135 million tax avoidance scheme.
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Richardson and Wrench director Chris Downie said it was a competitive auction with five of the 11 registered bidders taking part.
“Whenever a home on a prestigious street like Coolawin Rd comes up, there is always plenty of interest,” he said.
With the home not liveable in its current state, Mr Downie said most of the buyers at the auction were planning to renovate it instead of knocking the home down.
The result was also just above the $4.6 million that the home was purchased for in February 2005, according to CoreLogic.
Records show that the ownership of the four-bedroom house was transferred to the Commonwealth in August 2016 after Dickson lost an appeal to avoid having it seized under proceeds of crime legislation, as it under the name of his then wife.
Marketing material describes 4 Coolawin Rd as a stunning 180 degree waterfront property offering “exceptional potential”.
“Only a handful of waterfront homes in the area come up and this one felt like you were sitting on the water,” Mr Downie said.
The 580sqm property has views over Long Bay and Middle Harbour. There is four bathrooms, double garage, boat shed and access to a RMS rented deep water pontoon, plus a swimming pool with a noncompliance certificate.
The house was part of $55 million in assets restrained from Mr Dickson and his co-conspirator Michael Issakidis by the AFP-led Criminal Assets Confiscation.
The pair absorbed $450 million of otherwise assessable income through falsely created losses in order to evade $135 million in tax through the use of tax havens and complex international trust structures.
Both Issakidis and Dickson, as directors of NeuMedix Health Australasia Pty Ltd, were found to have participated in a scheme from 2007 to 2010 to fraudulently claim depreciation expenses relating to offshore purchases of intellectual property and dealing in the proceeds of crime.
They are alleged to have received $63 million from the arrangement and were caught as part of the Serious Financial Crime Taskforce’s crackdown into international tax evasion, money laundering and defrauding the Commonwealth.
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