Liquidators are pressing ahead with the sale of alleged fraudster Bill Papas’ luxury holiday home on the NSW Central Coast, The Sydney Morning Herald reports.
The Hamptons-style home in Wagstaffe is expected to set a record for the region, with agents at Central Coast Belle Property putting a $12 million to $15 million price tag on the waterfront property.
It wouldn’t be the first time the property has set a record for the Central Coast – it made history when it sold to Papas for $9.5 million in 2020.
READ MORE: Liquidators of Bill Papas’ Forum Group sell off waste machines built by subsidiary.
This comes just days after Papas’ Rozelle home sold for $4.4 million by agents from CobdenHayson Balmain, acting on behalf of liquidators from McGrathNicol.
Mr Papas’ other holiday home on Bulkara Street in Wagstaffe is also expected to hit the market in coming weeks with a $9 million price tag.
The majority of Papas’ Forum empire was placed into liquidation last year amid allegations in a civil proceeding brought by Westpac and two other lenders, Sumitomo and Société Générale, that Papas had presided over a $500 million fraud on the business.
READ MORE: NSW Financial Crimes Squad opens investigation into Bill Papas and Forum Finance.
Source: The Sydney Morning Herald.
