Car dealer Rick Damelian's mortgagee secures $7.2 million in McMahons Point
The Point House, McMahons Point apartment of the bankrupt car dealer Rick Damelian has been sold pre-auction for about $7.2 million by its mortgagee-in-possession.
McGrath agent Peter Starr had the combined six bedroom apartment listed with hopes of more than $5.5 million.
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.
Rick Damelian 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.
Sources says 10 contracts were issued during the recent marketing.
