Disgraced businessman’s $10m hideaway for sale

source : www.realestate.com.au

An iconic Illawarra mansion owned by controversial businessman Vito Pennimpede is now for sale for $10 million.

An iconic Illawarra mansion owned by controversial businessman Vito Pennimpede – who has been banned from managing companies by ASIC – is now up for grabs for $10 million.

According to an ASIC press release, Mr Pennimpede was a director of four companies involved in land acquisition, property development and wholesale construction in the construction sector.

In 2021, ASIC stated that four companies led by Mr Pennimpede owed unsecured creditors an estimated nearly $11 million, of which $2.7 million was owed to the ATO.

The three tiered pools.

A house that resembles a resort.

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He has since been disqualified from managing companies until mid-2025 because he “failed to properly understand the duties of his directors”, including failing to keep adequate records and failing to act with due care, ASIC said.

ASIC revealed the ban is still in place.

After putting his large Balgownie estate on the market several times in recent years, ‘Villa Carla’ is back on the market with a $10 million guide.

The house at 65 Wellington Drive is being sold through a public interest campaign by Adele Harb of Adele’s Real Estate.

In January this year, the property was offered to another agency, which paid between $8.5 million and $9.35 million.

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Proof that homeowners are happier than renters

With three cascading pools, a swim-up bar, spa, tennis court and sauna, the property on Wellington Dr is the ultimate entertainer’s dream.

The property sits on three acres and is filled with tropical palms, giving the home a resort-like feel that could be placed anywhere abroad.

With extensive bushland and coastal views, the property overlooks the Wollongong region and has the potential to subdivide the property, subject to council approval.

There is a closed entrance and the property is completely fenced, giving you complete privacy.

The large European-style villa has five extra-large bedrooms and walk-in closets. An en suite bathroom with a tiled spa bath and 24-karat gold taps is connected to the master bedroom.

The house is decorated throughout with chandeliers, imported Italian Trussardi tiles, marble, granite and travertine. The house is even sold including custom-made furniture.