Suspected fraudster Bill Papas celebrated Christmas and New Years in Greece, escaping arrest by Australian authorities, liquidators quietly sold his home in the West Interior for around $ 4.4 million, as reported it on SMH
The sale comes as Mr Papas’ luxury waterfront retreats on the central New South Wales coast are expected to hit the market with record price expectations of $ 12million and $ 9million. dollars each.
Mr Papas’ four-bedroom house in Rozelle is his registered address in Australia, but was held in a beneficiary trust whose manager was his Melbourne-based business associate Vincenzo Tesoriero. Mr. Papas is a beneficiary of the trust with Mr. Tesoriero, a court heard.
The rumor of the sale price has not been confirmed, given the absence of comment from Benjamin Martin of CobdenHayson, but property records confirm the sale.
Westpac filed a title warning over Mr Papas’ real estate interests last July, shortly after it was made public with allegations that his equipment rental company and managed service provider Forum Finance had used false invoices and forged signatures to obtain loans without the consent of at least seven of the bank’s corporate clients.
Mr Papas’ luxury real estate interests include neighboring waterfront vacation homes in Wagstaffe, complete with a private jetty and boathouse, the first of which was purchased in 2019 by another beneficiary trust run by Mr. Papas and Mr. Tesoriero, for $ 5.8 million.