Car dealer Rick Damelian's McMahons Point six bedder apartment mortgagee listing

Car dealer Rick Damelian's McMahons Point six bedder apartment mortgagee listing
Car dealer Rick Damelian's McMahons Point six bedder apartment mortgagee listing

The Point House, McMahons Point apartment of the bankrupt car dealer Rick Damelian is being sold mortgagee-in-possession.

The former Parramatta Road-based car dealer's business went into receivership two years ago.

His receivers Ferrier Hodgson secured permission to sell the 510 square metre two level East Crescent Street apartment from the Supreme Court's Justice Michael Slattery.

McGrath agent Peter Starr has the combined six bedroom apartment scheduled for October 26 auction with hopes of more than $5.5 million.

He lived in one with his wife and his mother lived next door. NAB holds a $6 million mortgage secured by the townhouses.

One cost $540,000 in 1986 and $950,000 in 1988. Damelian thought of selling himself in 2000 with $6 million-plus hopes.

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Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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