Last of fraudster's properties goes on the market

HAMISH MCNICOL
Last updated 05:00 02/07/2014
david ross
CHRIS SKELTON/Fairfax NZ
FOUND GUILTY: David Ross in court.

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The third and final property formerly owned by fraudster David Ross is for sale, potentially recouping about $175,000 for swindled investors.

A 1321-square-metre section offering "sensational unrestricted views" in the "undiscovered" Wairarapa coastal settlement of Riversdale Beach was put on the market last week.

Bayleys real estate agent Adrian Denniston said it was one of the better sections available on the Riversdale Terrace subdivision and he expected there would be good interest in it. It has a rateable value of $175,000.

"That's why we've gone for offers [by negotiation], just to see what the market is prepared to pay for it."

Riversdale was a "bit undiscovered", he said, with visitors from Wellington often surprised by its features, which included a nine-hole golf course, tennis courts, surf club and a shop and cafe.

The local property market had suffered since about 2008 but had recently picked up, Denniston said. "The market's definitely turned out there so we're looking optimistically that the offers will bring a good result."

In November, Ross was jailed for 10 years and 10 months for running a fraudulent scheme in which private investors lost about $115 million.

His company, Ross Asset Management (Ram), fleeced more than 700 investors through portfolios in which they thought they had more than $380m.

Ross had bought the Riversdale property in 2006, but it was not built on.

All proceeds from the sale of the section, as well as from a $690,000 beach house in Days Bay, Lower Hutt, would go directly to investors.

Offers for the Days Bay property close today.

When Ross's mansion in Woburn, Lower Hutt, was sold for $1.77 million early this year, half the proceeds went to his wife, Jillian, upsetting his victims.

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- The Dominion Post

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