A property tycoon will plead guilty to destroying a multimillion dollar waterfront mansion in a fiery inferno as he fights to remain on bail, a court has heard.
Police allege property developer Steve Nassif, 70, was involved in an arson attack that reduced a heritage estate to smouldering rubble at Cliff Rd in Northwood on September 3, 2022.
Mr Nassif allegedly has ties to the owner of the six-bedroom home, fellow property developer Ouyang “Owen” Chen.
Mr Chen, who is not accused of any wrongdoing, bought the house on Sydney’s lower north shore for $24.1m in 2021.
On Tuesday, Mr Nassif indicated he would plead guilty to the charge of destroying property by fire in the company of another person.
His lawyer Elee Georges told the court discussions with the crown had been “resolved” and his client would enter pleas on Thursday.
“In essence the parties came to an agreement over the facts yesterday,” crown prosecutor Georgia Alexander agreed.
She told the court she had filed an application to have Mr Nassif taken into custody on remand on Tuesday.
However, Ms Alexander withdrew the request “in anticipation of pleas being entered on Thursday.”
She told the court she will file a fresh detention application before the matter returns to court.
Mr Georges estimated a dispute over the detention application would run for up to an hour.
Magistrate Kasey Pearce adjourned Mr Nassif’s matter until Thursday, when it will be set down for sentencing.
The property developer has also previously pleaded not guilty to a related charge of not having approved storage for his firearm.
On the night of the mansion fire, police allege he collaborated with Adams Kipkosgei Bett to burn the $24m heritage mansion to the ground.
Mr Bett has pleaded guilty to intentionally or recklessly damaging property over the late-night blaze.
Emergency services rushed to the Cliff Rd home just after 11pm on September 3 after receiving more than 30 triple-0 calls from concerned locals.
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.
They managed to extinguish the flames within two hours and kept the damage contained to the 4847sq m property.
Before it was destroyed, the 1915 building was one of the oldest properties in Northwood.
Along with spectacular views of the Lane Cove River, Sydney’s CBD and Anzac Bridge, the mansion had boasted a tennis court, six bedrooms, a boathouse, sandstone cellar and an orchard.