Record price expected for Bill Papas waterfront vacation home

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Liquidators are pursuing the sale of alleged fraudster Bill Papas’ luxury holiday home on the NSW Central Coast, The Sydney Morning Herald reports.

The Hamptons-style home in Wagstaffe is set to set a record for the area, with Central Coast Belle Property agents putting a price tag of $12-15million on the waterfront property.

It wouldn’t be the first time the property has set a record for the Central Coast – it made history when it was sold to Papas for $9.5million in 2020.

READ MORE: The liquidators of Bill Papas’ Forum group are selling used machines built by the subsidiary.

The dads house at 6 Bulkara St, Wagstaffe.

It comes just days after Papas’ Rozelle home was sold for $4.4 million by agents for CobdenHayson Balmain, acting on behalf of McGrathNicol’s liquidators.

Mr Papas’ other vacation home on Bulkara Street in Wagstaffe is also expected to hit the market in the coming weeks with a price tag of $9 million.

The majority of Papas Forum empire went into liquidation last year amid allegations in a civil lawsuit brought by Westpac and two other lenders, Sumitomo and Societe Generale, that Papas presided over a fraud of $500 million on the business.

READ MORE: NSW Financial Crimes Squad are investigating Bill Papas and Forum Finance.

Source: The Sydney Morning Herald.

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