In 2017, Ted and Barbara Grimley sold up their family home and moved into Sydney’s east, where their daughter Melissa Caddick also lived.
They understood that handing their daughter $1.03m granted them about a third of an Edgecliff home and, importantly, life tenancy.
But today, they face the prospect of eviction from their forever home as they lock horns with victims of Ms Caddick’s Ponzi scheme.
Lawyer Sera Mirzabegian told the Federal Court on Thursday, the Grimleys would have bought a smaller property in their own name in Sydney’s southern suburbs – if not for their daughter’s representations.
The couple aged in their 80s paid about $90,000 to renovate the Edgecliff home and also gave their daughter $260,000 in 2017 for a “living expenses fund” that would provide regular distributions.
Ms Caddick, who is likely deceased after the remains of her foot washed up on a NSW beach in February, is accused of masterminding a Ponzi scheme from 2012 to 2020.