Cassimatis property for auction three years after Storm collapse

Cassimatis property for auction three years after Storm collapse
Cassimatis property for auction three years after Storm collapse

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A Townsville mansion owned by the founders of collapsed Storm Financial Services, Emmanuel and Julie Cassimatis, has been listed for auction next week.

The eight-bedroom home has failed to sell at the family’s asking price of $3.8 million ever since first being listed in 2006.

The sale highlights the demise of the couple, who oversaw the loss of $3 billion of investors’ money in 2009. They have since sold their private jet and a similar property in Brisbane, which went for $2 million this year. The Cassimatis couple are charismatic socialite figures in Townsville, with the mansion once representing the financial success of Townsville business.

This 900-square-metre property, which sits on an 1,854-square-metre block, features a $75,000 Waterford crystal chandelier, lifts, two swimming pools, four bathrooms and has views over Magnetic Island, Cleveland Bay and the Townsville CBD.

Its listing agent Garry Byrnes from Ferry Property Townsville has had the Melton Terrace listing on and off the market since 2009. 

It has been reported the current price guide is now about half the original asking price of $3.8 million, although Byrnes has been responsible for the town's most recent prestige house sale.

The agent's marketing says " Under strict instruction from the owners, this property is to be sold."

The property has not been lived in for many months. 

It was originally bought for $280,000 in 1997. 

It has been reported the current price guide is now about half that, although Ferry Property agent Garry Byrnes has been responsible for the town's most recent prestige house sale.

 It was a three-level Stanton Terrace property sold for $2.85 million in 2010. 

The ASIC website notes ASIC's investigations into the collapse of Storm continues.

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