The government to sell the seized residence of jailed tax fraudster
A luxury Northbridge waterfront home seized as part of the Australia’s largest tax fraud scheme is being auctioned off.
The Coolawin Rd property, was once the home of convicted criminal Anthony James Dickson, a former Ernest & Young executive, who is serving a 14 year jail term over a $135 million tax avoidance scheme.
Needing renovation, it is being sold for “land value” and has a $4.2 million price guide, which is far less than the $4.6 million that the property was purchased for in February 2005.
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It is also less than the $7 million that a similar sized waterfront home on the street sold for in January.
CoreLogic records show that the four-bedroom house is now under the ownership of the Commonwealth, which formally gained control of it in August 2016 after Dickson lost an appeal to avoid having it seized under proceeds of crime legislation, as it under the name of this then wife.
Marketing material describes 4 Coolawin Rd as a stunning 180 degree waterfront property offering “exceptional potential”.
Richardson and Wrench director Chris Downie was unable to discuss the matters around the sale, but confirmed it must go to auction on April 3 and requires some serious work.
“You need to spend some money on it before you can move in,” he said.
“Most people want to keep the house and renovate it, but some are keen to knock it down.”
Sitting on a 580sqm block, the 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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