UPDATED: Proceeds-of-crime pad auctioned for $9.4 million
Sub-penthouse in swanky Sydney precinct confiscated as part of long-running investigation into excise fraud involving the import of alcohol.
A luxury apartment in Sydney’s swanky Rocks precinct has been sold for $15,000 above its $9.25 million reserve.
The four-bedroom pad was auctioned on behalf of the Commonwealth of Australia after being seized under proceeds of crime legislation.
A telephone bidder beat off five other prospective buyers as the luxury sub-penthouse went under the hammer at Clarance White Auctions Rooms.
The property in Harrington Street was forfeited as part of Operation Cabestro – a long-running investigation into excise fraud involving the import of alcohol.
It comes just a few months after the $15 million penthouse in the same block was also sold on behalf of the government.
Money remains the lifeblood of organised crime, and disrupting the flow of ill-gotten finances helps prevent further harm to the community by cutting off revenue and motivation,” AFP Detective Superintendent Scott Raven said after that sale.
Number 702/85 Harrington Street has a 124 sqm balcony with views over the Harbour Bridge and Opera House, according to its description on the Realestate.com platform.
Real estate agent Daniel Baran said: “The penthouse sale confirmed strong buyer appetite at the top end, particularly for well-located, high-calibre stock with real scarcity value. We expect 702 to follow suit.”
Under Australia’s proceeds of crime framework, assets seized during criminal investigations are sold with profits redirected into crime prevention and community initiatives.
