Misery in Mosman and developer Michael Issakidis posts bail and returns to Paradise Point: Title Tattle
Mosman’s prestige price misery continues as the big-bonus deprived Macquarie Group executives continue to sit out the suburb's rather clubby property merry-go-round. The latest sale is a 9% drop incurred by publishing supremo Kevin Weldon. Weldon paid $8 million in 2008 for the then soon-to-be-completed Coronation Avenue, Mosman, residence (pictured above) developed by Stephen McMillan, the managing director of Citta Property Group. Carinya, the Phillip Cox-designed house has been bought by Mayumi Staley, the daughter of engineer Russell Staley, who made a fortune through mining consultancy company, WorleyParsons. Title Tattle notes at least finally there is some convergence of the two speed economies. It sold through LJ Hooker agents Geoff Smith and Ricgard Harding.
Just down the avenue, the Mosman residence of theatre producer and promoter Harley Medcalf and his wife, Maria, remains listed with $4.5 million hopes. It was initially listed for November auction through Ray White Lower North Shore agents Kingsley Yates and Dino Gatti. Designed by Harrington Architects and reminiscent of a luxurious tropical resort, the two-storey, four-bedroom house is in lush north-facing gardens. It comes with a heated swimming pool and an entertainment cabana. With his shows regularly on Broadway, the Medcalfs are selling their home as they intend to spend more time in the United States. It’s also available for rent at $3,800 a week through Ray White agent Nic Yates.
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Dr Sarah Meachem, the former president of The Australian Society for Medical Research, has emerged as the $4,825,000 buyer of Illiac, the wainscoted Hamptons-like Mornington Peninsula residence (pictured above) on a 1,965-square metre beachfront estate. It was sold by the Koco family. Set in sculptured coastal gardens, the secluded Somers property is just minutes from the Point Leo surf lifesaving club and Somers Yacht Club. With Californian timber beams along with tongue-and-groove panelling, the four-bedroom house was designed by Stephen Akehurst, complete with clifftop horizon pool and entertaining deck. There’s also a boathouse with kitchenette plus private jetty. It has views across bay to Phillip Island, Seal Rock and Nobbies. Michael Phoenix of RT Edgar Flinders was seeking a $5.9 million Somers record. The land last traded at $900,000 in 1999.
Andrew Gray, a managing director at Archer Capital, and his wife, Emma, have emerged as the buyers of Rothesay, the very grand 1896 Victorian Italianate home in Bellevue Hill. It last traded in 1998 when the founder and executive chairman of the St Hilliers group, Tim Casey, and his wife, Anne Marie, daughter of the thoroughbred trainer Bart Cummings, bought Rothesay for $4,606,000 in 1998 from the Jagelman family. Having been extensively remodelled, Rothesay was listed with price hopes of $13 million through Ray White Double Bay selling agents Michael Finger and Craig Pontey. The three-level residence, crowned by a classic Italianate turret, has Thomas Hamel interiors. It’s one of the houses showcased in Hamel’s book, Residence, which was published in 2010 to international acclaim.
Thomas Hamel interior devotees will no doubt be bidders when the extraordinary collection from Thomas Hamel Interiors and Martyn Cook Antiques goes under the Mossgreen Gallery hammer on May 20. The collection comprises 695 lots most from their private Sydney CBD apartment abode. There’s fine English and Continental antiques, an Andy Warhol signed screenprint of Mick Jagger (pictured above), Aboriginal art, decorative pieces of outstanding provenance like the French Gothic Revival breakfront bookcase once belonging to Lord Alistair McAlpine. Even a coveted, stylish Louis Vuitton trunk. Thomas Hamel is arguably Australia's pre-eminent interior designer, with an enviable client list both in Australia and internationally. Ditto Cook in the antique world. For more than two decades, they have assisted Australia’s seriously wealthy decorate their homes although their discretion prevents confirmation of it. There's a few pieces from other collections including Bruce Judge and John Schaeffer. The auction is being billed as allowing the long-time partners forge new and exciting separate paths. Despite splitting up romantically, the pair are on good terms and will still share Redfern business premises. The auction will free up space for Thomas Hamel's design business Residence to expand its furniture and fabric lines. And Martyn Cook will announce his new plans after the auction. Apparently there will be no actual property disposal.
Freemantle Football Club player, Adam McPhee and his wife, Bree, have listed their former Port Melbourne home (pictured above) for May 26 RT Edgar auction. The renovated traditional Victorian terrace was bought when the then Essendon player paid $885,000 when he moved from Ascot Vale in 2007. It has three bedrooms, two bathrooms plus secure car parking. There’s a rooftop terrace with views over the beach to Port Philip Bay. It went into the rental pool at $1,650 a week after his move west.
The Gold Coast millionaire businessman and property developer Michael Issakidis, who was last week charged over an alleged $63 million tax evasion and money laundering scheme, has been allowed to return to his Sovereign Island mansion after posting bail of $1.5 million. But the authorities will hold on to more than $40 million in assets including his prestige vehicle collection of several Rolls-Royces, a Lamborghini and an Aston Martin along with two yachts, which were seized during the Australian Federal Police raid (pictured above and below). Issakidis was arrested at his waterfront mansion on April 24 and charged with conspiracy to deal in the proceeds of crime and conspiracy to dishonestly cause a loss to the Australian Taxation Office. The Federal Police allege Issakidis committed tax fraud through his medical company Neumedix and funnelled company funds through offshore accounts.
He initially faced Southport Magistrates Court, where he was refused bail and extradited to Sydney. He’s been granted bail on the condition he live at his Paradise Point home, to reappear in the Downing Centre Local Court on August 7. The Australian Federal Police and Australian Tax Office say the arrest was after a seven-month investigation under Project Wickenby, the federal government's pursuit of wealthy alleged tax evaders.
Pictures supplied by AFP
His bail conditions prevent him from contacting NeuMedix's co-founder and director Anthony James Dickson, who was arrested this week after he arrived on a flight from Dubai. It’s been alleged that he and his business associate fraudulently over inflated the purchase price of intellectual property then donated the tax losses associated with the depreciation of the intellectual property to a complex unit trust structure and thus earning fees in excess of $63 million over a three-year period. It’s further alleged these funds were then laundered through an account in the UK and numerous accounts in Hong Kong before being transferred back into Australia.
The website of NeuMedix says Michael Issakidis was the commercial connoisseur for NeuMedix. “A consummate statesman and pragmatist, Michael's legal background coupled with many years of property development provides a tempered prudence when assessing opportunities.” His wife, the Coast socialite Donrika, once starred in a memorable 60 Minutes segment on the A-List on the coast in the 1990s. With a downwards sweep of her hand, she indicated she was dressed in "Chanel, Chanel, Chanel."
