Eddie Obeid Is Trying To Sell His Historic Passy House In Hunters Hill For $10 Million

Passy House / Hunters Hill Trust

Former Labor powerbroker Eddie Obeid has put his historic Hunters Hill mansion up for sale with an asking price of $10 million – more than three times what he paid for it in 2000.

Kate McClymont of the SMH reports today that Passy House was quietly put on the market shortly after the Obeid family took out two loans for a total of $3.7 million, with the house as security.

Obeid is considered to be a high-credit risk in banking circles because he is a “Politically Exposed Person” and is under investigation by the Tax Office and NSW Crime Commission, the SMH reports.

Passy occupies a 4200-square-metre block of land was built in 1850 for the French consol and is now listed by the Hunters Hill Trust as a heritage item.

In 2011, Obeid said he would sell Passy after buying an $8.5 million waterfront mansion in Woolwich, but the Woolwich house was put up for auction months later.

SMH reports that real estate agents have described Passy as “rundown” and say it is more likely to fetch $6 million to $7 million. Obeid was planning to spend $2.25 million renovating Passy only last year, the newspaper reports.

There’s more on the SMH.

NOW WATCH: Executive Life videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.