Record-setting Woolwich mansion sold for loss as saga winds down
The record-setting Woolwich riverfront mansion that last sold for more than $11 million in 2007 has been resold for a reported $9.2 million.
The five-bedroom, six-bathroom Italianate home with a pool, beach, jetty and pontoon had been listed under bank instructions through David Ward at Ward Partners.
National Australia Bank repossessed the Angelo Street house.
Internal water damage and garden poisoning were detected earlier this year at the then-vacant house, with police investigating a break-in at the property during which taps in the kitchen and several of the six bathrooms were left running for days, causing serious damage.
Just before Christmas 2010 Judy Obeid, the wife of the recently retired NSW Labor powerbroker Eddie Obeid, entered into a contract to buy the property from the vendor, the mobile phone company director Mick Hakim.
The off-market transaction was cloaked in secrecy, with the Hunters Hill peninsula rife with whispers about the deal at an unconfirmed $8.5 million price.
The sale unravelled as Hakim’s financiers sought to control the sale process with the NSW Supreme Court Justice Ian Gzell giving Equititrust Limited, the second mortgagee, an order for possession at one point in the process.
It is understood the Obeids were not the latest buyers, but it did sell to other locals.
For much of 2010 the house had been on the market with a price tag of $13.5 million.
The five-bedroom Angelo Street house designed by Wolski Coppin Architecture comes with 650 square metres of space.
It was built by home builder Peter Campbell, who sold for $10.35 million in 2004 to Xiaoquin Jin.
The 2,087-square-metre north-facing block had been bought for $3.75 million from internet entrepreneur Sean Howard in 1998.
The Hakims had liberty to apply to the court if they were of the view that a property was to be sold at an undervalue, Gzell notes.
