The fate of a Sydney property tycoon hangs on the value of the multimillion dollar harbourside mansion he allegedly burned to the ground, a court has heard.
Property developer Steve Nassif, 70, appeared in Sydney Downing Centre Court on Tuesday over allegations he destroyed the mansion by means of fire with another person.
Police allege he was involved in an arson attack which reduced a waterfront mansion at Cliff Rd in Northwood, on Sydney’s lower north shore, to smouldering rubble on September 3, 2022.
Police claim Mr Nassif had ties to the owner of the seven-bedroom Northwood home, property developer Ouyang “Owen” Chen.
Mr Chen, who is not accused of any wrongdoing, bought the house in 2021 for $24.1m.
Mr Nassif was arrested two months after the fire when his Wentworth Falls home was raided by arson squad detectives.
On Tuesday, the formerly high profile property developer was dressed casually in jeans and a jumper as he fronted court over the allegations.
His lawyer Anthony Strik asked the court for a two week adjournment to obtain a valuation report for the mansion his client allegedly burned to the ground in 2022.
He said there was “some disagreement” with the crown prosecutor about the value of the seven-bedroom waterfront property, which needed to be resolved before Mr Nassif entered a plea.
However, Magistrate Clare Farnan took issue with the continuous delays in the matter, which has been before the courts since 2022.
“These are exceptionally serious charges,” she emphasised.
The magistrate threatened to revoke Mr Nassif’s bail in order to “speed things up a bit” but ultimately accepted she didn’t have the power to do so.
The length of the adjournment was also opposed by the crown prosecutor, who agreed the matter had been adjourned “too many times”.
Yet she recognised the resolution of Mr Nassif’s pleas to the charges was “contingent on the facts” reflecting the accurate value of the Northwood house.
After venting her frustration to the court, magistrate Farnan adjourned the matter for one week to allow Mr Nassif to obtain a second property valuation report.
She told the court she expected pleas to be entered when Mr Nassif returns to court on April 16.
Mr Nassif is also facing a related charge of not keeping a firearm in an approved storage container.
A third charge of destroying property by fire was withdrawn by the crown prosecution on Tuesday.
Police allege Mr Nassif collaborated with Adams Kipkosgei Brett to burn the $24m heritage mansion to the ground in 2022.
Emergency services rushed to the Cliff Rd home just after 11pm on September 3 after receiving more than 30 triple-0 calls.
Firefighting crews found the house engulfed in flames, some of which were 20m high.
Up to 50 firefighters and 12 trucks responded to the blaze due to major concerns it could spread to adjoining properties.
However, fire crews managed to keep the fire contained to the 4847sq m property and extinguished the flames within two hours.
The gutted home was built in 1915 and was one of the oldest properties in Northwood before it was destroyed.
It had boasted spectacular views of the Lane Cove River, Sydney’s CBD and Anzac Bridge and featured a tennis court, six bedrooms, a boathouse, sandstone cellar and an orchard.