Adam Cranston's Vaucluse investment property sold by mortgagee

Adam Cranston's Vaucluse investment property sold by mortgagee
Adam Cranston's Vaucluse investment property sold by mortgagee

The Vaucluse home that was co-owned by alleged fraudster Adam Cranston sold for $2,603,000 at its mid-week auction.

There had been 40 contracts issued.

The home, which was being forcibly sold, is the final piece in the fallen property empire of Cranston, who is alleged to be the mastermind behind the Plutus Payroll syndicate, the largest tax fraud scheme in Australian history.

He is being charged with the misappropriation of over $130 million owed to the Australian Tax Office.

The home was bought for $2.4 million in 2015 by Cranston family interests.

The following year it was transferred to a company in which Cranston and alleged co-conspirator, former champion snowboarder and sports broadcaster Jason Onley, were joint shareholders.

The first mortgagee Westpac were appointed as the controllers of the company in March.

The title has a caveat from the NSW Supreme Court, following a Federal Police application which restricted any sale unless approved by the commissioner.

A three bedroom home with swimming pool sits on the 450 square metre Macdonald Street site.

It was listed with a guide of $2.1 million through LJ Hooker Double Bay agents David Malouf and Emma Steanes. 

The couple's Bondi Beach home, where Cranston was arrested in May two years ago, quietly sold earlier this year for $1.3 million by the mortgagee.

The two bed townhouse cost them $1,222,000 in 2015.

He offloaded a 60 hectare horse and cattle farm in the Hunter Valley for $1,068,000 in 2017, having paid $940,000 a year earlier.

He sold a Miranda townhouse for $1.88 million in 2017, a $473,000 profit in a year from the $1,415,000 he paid.

In BURRANEER he offloaded a half-built mansion on the pricey Matthew Flinders Place for $2,425,000.

He and wife Elizabeth Rouhliadeff had paid $1,875,000 in 2015 and were building a large four bedroom home with a swimming pool.

Officials seized a haul of luxury items including two planes, sports cars, jewellery, artwork, firearms and at least $1 million cash found in a safety deposit box in the raids on properties linked to the syndicate.

Cranston and Onley are next scheduled to return to the Downing Centre Local Court on July 9 ahead of their September committal hearing. Both are yet to enter a plea.

This article was first published in the Daily Telegraph.

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Vaucluse Mortgagee Sale

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