PHOTO: The Mermaid Beach home has sold to new owners.()
In a complex legal saga, a Gold Coast house that was embroiled in a dispute over ownership has been successfully auctioned off for an impressive sum of $2.66 million. The property, located on Francis Street in Mermaid Beach, saw intense bidding from four registered buyers on Friday.
The previous owners, Jess and Jackie Morecroft, initially purchased the house in 2018 for $1.265 million at a mortgagee auction. However, they soon discovered that the property’s title had never been transferred into their names. This revelation led to a prolonged five-year court battle.
In February, the Supreme Court ruled in favor of the original owner, Hind Issa, stating that the property still legally belonged to her as the title transfer had never occurred. Ms. Issa alleged that a relative had fraudulently used the house as collateral for a loan by forging her signature, subsequently defaulting on the loan.
As a result of the court’s decision, the Morecrofts were forced to vacate the premises. However, they were granted the right to seek compensation from the state government, amounting to $2.7 million, due to being deprived of the property as a result of the mortgage fraud. Nonetheless, they were also obligated to cover a portion of Ms. Issa’s and the state government’s legal expenses.
With the legal dispute resolved, Ms. Issa decided to place the beachside property on the market. Surpassing all expectations, the house sold for more than double its previous sale price, underscoring its desirability and attracting a significant financial return for the original owner. Notably, the state government has appealed the compensation order, indicating that the legal battle may continue.