Obeid dream house back on market

THE mystery surrounding the secret purchase of an $8.5 million Woolwich mansion by the fading ALP powerbroker Eddie Obeid has become more intriguing.

A ”for auction” sign has appeared on what was intended to be Mr Obeid’s luxury riverfront retirement mansion. It appears Mr Obeid and his wife, Judy, may not be moving in.

The five-bedroom, six-bathroom Italianate home with a pool, beach, jetty and pontoon will instead be auctioned on May 7 by the National Australia Bank, which has repossessed the house from its financially troubled vendor, the telecommunications entrepreneur Mick Hakim and his wife, Yvonne.

Just before Christmas, the Obeids struck a confidential deal with the Hakims to buy the Angelo Street house. One of the terms of the sale was that it not be finalised until after the NSW election.

In February the Herald reported that the ALP backbencher, who earns $130,540 a year, was the secret purchaser of the house for $8.5 million. Mr Obeid confirmed the purchase: ”My wife has exchanged on the property but it hasn’t settled yet.”

Estate agents in the area expressed surprise at Mr Obeid’s savvy buy. Only weeks earlier the house had been on the market with a price tag of $13.5 million. The agreed price was about 25 per cent less than the record $11.05 million paid by Mr Hakim in August 2007.

It is understood Equititrust, one of Mr Hakim’s lenders, viewed the sale as below the market and was threatening legal action against the NAB, who hold the first mortgage.

As recently as March 2, lawyers for Mrs Obeid lodged a caveat over the title claiming an interest in the property. The Obeids told friends their new house needed no work whereas their hisoric Hunters Hill home, Passy, needed updating.