Mortgagee's Constitution Hill home sold for $140,000 loss after 200 days on the market

The Toongabbie district home of jailed TAB tricksters Trevor Raine and wife Talanoa has been sold by the mortgagees for $620,000.

It fetched $140,000 less than the couple paid three years ago when fibros were selling at inflated prices.

The home was listed by the mortgagee as the couple have been serving prison sentences for scamming the TAB out of $600,000.

The mortgagee had to slash the asking price of the Constitution Hill home seven times since its failed auction last August. 

They initially sought $790,000 for the renovated 1950s two-bedroom, one-bathroom home set on 515 square metres which had Westpac as being the registered lender.

There was also a caveat from Tabcorp stating it inadvertently contributed to the purchase.

“Trevor Bruce Raine’s fraudulent misappropriation of funds from the caveator (Tabcorp) was used to pay the deposit,” the Tabcorp caveat read.

Trevor Raine, who was an IT specialist at Tabcorp, was handed a 28-month sentence, while Talanoa’s involvement was less severe, resulting in a 15-month stint.

They were found guilty of fraud after Trevor scoured Tabcorp’s database for winning tickets that had not been claimed for at least three months. 

He then copied the serial numbers to redeem the winnings on fake tickets. 

They were found out when a TAB customer attempted to cash in a ticket that had already been claimed by the Raines with a duplicated fake.

CoreLogic calculates the time on market for Constitution Hill as typically 39 days, but this sale took 200 days.

“We are under strict instructions from the mortgagee to not discuss this sale with the media,” agent Peter Younan said.

This article was first published in the Sunday Telegraph.