Listing follows the record-setting sale of another of the alleged fraudster's NSW properties
A second New South Wales mansion belonging to alleged fraudster Bill Papas has been put up for sale and is expected to go for at least $10 million, following the recent $16.2 million sale of another Papas property.
Papas and his company, Forum Finance, have been accused of defrauding Westpac and other banks out of $500 million in loans using phony documents and forged signatures. Papas fled to Greece in June. His assets were placed under freezing orders, and liquidators from McGrathNichol have begun selling some of those assets.
McGrathNichol liquidators have listed the house, a five-bedroom waterfront property in Wagstaffe, through Belle Property agent Cathy Baker, according to a report by The Australian. The property was constructed in 2013 and features a boathouse suspended over the waterfront and coastal views across to Bouddi National Park. It was purchased in 2019 for $5.8 million by a company controlled by Papas.
Papas also previously owned an adjacent property, a large Hamptons-style waterfront home, The Australian reported. That home hit the market earlier this year with a list price of $13.5 million, but sold for nearly $3 million more – setting a new price record for the Central Coast area.
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That property was also sold by McGrathNichol on behalf of Papas.
Papas’ four-bedroom house in Rozelle, in Sydney’s inner west, was sold for $4.4 million in January through CobdenHayson, The Australian reported.
Liquidators told a recent meeting that portions of the proceeds of Forum’s alleged fraud were used to buy luxury homes and high-performance vehicles.
Papas remains in Greece. The Federal Court issued an arrest warrant for him in October for contempt of court after he failed to respond to proceedings, The Australian reported.
