Taylor Troeth, Property Journalist
Updated 2 Nov 2023, 4:16pm
First published 2 Nov 2023, 11:48am
An iconic Illawarra mansion owned by controversial businessman Vito Pennimpede is now up for grabs for $10m.
An iconic Illawarra mansion owned by controversial businessman Vito Pennimpede – who has been banned from managing corporations by ASIC – is now up for grabs for $10m.
Mr Pennimpede was the director of four companies involved in land acquisitions, property development and wholesale construction trade, according to an ASIC media release.
In 2021, ASIC stated that four companies directed by Mr Pennimpede owed unsecured creditors an estimated almost $11m, of which $2.7m was owed to the ATO.
The three tiered cascading pools.
A home resembling a resort.
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He has since been disqualified from managing corporations until mid 2025 due to “not adequetly understanding his directors’ duties,” including failing to keep adequate records, act with due care and diligence, ASIC stated.
ASIC revealed the ban is still in place.
Having listed his grand Balgownie estate several times during recent years, ‘Villa Carla’ is back on the market with a guide of $10m.
The grand Villa Carla
Customised tiled floor.
The home at 65 Wellington Drive is being sold through an expression of interest campaign by Adele Harb of Adele’s Real Estate.
In January this year, the property was listed with a different agency who was guiding $8.5m-$9.35m.
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Proof homeowners are happier than renters
Featuring three cascading pools, a swim up bar, spa, tennis court and sauna – the property on Wellington Dr is the ultimate entertainer’s dream.
The large tennis court.
An entertainers dream.
Relaxing by the pool.
Sitting on three acres the property is filled with tropical palms, giving the home a resort-like feel that could be placed somewhere overseas.
With expansive bushland and coastal views, the property overlooks the Wollongong region and has the potential to subdivide the property, with council approval.
There is a gated entrance with the property fully fenced off, providing complete privacy.
The views from the home.
The large European style villa has five oversized bedrooms and walk-in wardrobes in each. An ensuite with a tiled spa bath and 24 carat gold tapware is connected to the master bedroom.
The home is decked out with chandeliers, imported Trussardi Italian tiles, marble, granite and travertine throughout. The home is even being sold with its custom made furniture included.
Gold tapware and imported tiles.
One of the five large bedrooms.
A car enthusiasts dream.
Ideal for car enthusiasts, the 100m garage with polished flooring is ideal for showcasing supercar or vintage collectables.
Located only minutes from Balgownie village and in proximity to Wollongong’s beaches, the property is a 90 minute drive from Sydney CBD.
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