2 hours ago
1
Italian aristocrat Edoardo “Edo” Mapelli Mozzi’s name no doubt offered all the cachet a developer could wish for when he was unveiled as one of the people behind Sydney’s latest trophy home development, 81 Yarranabbe.
The 42-year-old is, after all, the founder of London-based prestige developer Banda Property, as well as the son of Count Alessandro Mapelli Mozzi and heir to the family seat, Villa Mapelli Mozzi – an 18-bedroom neoclassical mansion in Casatenovo, an hour from Lake Como in Italy.
He is also married to British Royal Princess Beatrice, which makes him the son-in-law of disgraced former prince Andrew Mountbatten-Windsor.
It is the latter family ties to which Mapelli Mozzi is hoping to put some distance, according to a run of British tabloid reports this week dissecting the fallout of Mountbatten-Windsor’s recent arrest and the release of the Epstein files that detail his many ties to deceased paedophile Jeffrey Epstein.
The agent selling 81 Yarranabbe seemed wary of any such link being made between the development and the brother of King Charles.
The boutique block of eight on the Darling Point waterfront is designed by acclaimed architect Alex Tzannes with interiors by Mapelli Mozzi’s Banda Property, and prices make it the most expensive development in the eastern suburbs.
However, inquiries about two recent apartment sales – reportedly for $40 million each – were dismissed on Friday, given fears there might be some mention of Mountbatten-Windsor in the story.
The penthouse is for sale for $77.5 million and the sub-penthouse – the largest offering in the block – is also available for $82.5 million. There is also an option to buy an amalgamation of the top-floor apartments for $160 million.
There were no qualms about Mapelli Mozzi talking about the development to potential buyers and a few select media, mid last year, even though his father-in-law’s close ties to deceased paedophile and US financier Jeffrey Epstein were already well-documented.
But the Mountbatten-Windsor and Epstein scandal has deepened since then, thanks to the release of three million files detailing Epstein’s sex-trafficking network.
In February, Mountbatten-Windsor was arrested on suspicion of misconduct in public office, although it remains unknown if he will be charged, and he denies all wrongdoing.
Princesses Beatrice and Eugenie have not been seen with their father since his arrest.
The Darling Point development is the first Sydney project for Mapelli Mozzi’s luxury design house, although Banda has projects across the world’s prestige market, from New York to London’s Notting Hill and the Swiss Alps.
Banda was involved in another Australian project until recently, a 37-storey tower on Queensland’s Gold Coast, Masthead Ocean Club. But before the $280 million development could take shape, the company behind it (Masthead Main Beach Pty Ltd headed by Rory O’Brien) went into receivership. The site is being sold mortgagee-in-possession.
The Darling Point project 81 Yarranabbe is being spearheaded by developer Henroth Investments, headed by John Roth. Henroth co-founder Stanley Roth died late last year.
The coveted site was previously hoped to be an opportune property play for another eastern suburbs developer Michael Teplitsky after he purchased a block of four apartments for $35.5 million amid plans to consolidate it with two houses next door owned by the Roth family to create a super-prime site of 3000 square metres.
But when Teplitsky failed to settle on his $80 million purchase of the Roth houses, his block of four apartments was instead sold for $55 million to Henroth Investments.
Teplitsky’s woes have mounted since then. He was bankrupted in the Federal Court last year, and one of the matters that led to his bankruptcy was his role in the $100 million Plutus Payroll tax fraud masterminded by Adam Cranston and Jay Onley. Both men were later sentenced to a maximum of 15 years. Teplitsky was found to have laundered the funds and ordered to repay $11 million but did not face criminal charges.
The liquidators of Plutus Payroll sued Teplitsky for more than $11 million, claiming the funds were obtained through “improper means” or he had “wilfully shut their eyes to the obvious”.
