Failed super fund boss lists his $9million mansion for sale as investors fight to get their money back
David Anderson, a director of the collapsed First Guardian Master Fund, has been forced to list his Melbourne mansion for sale at a discount of nearly $2million after obtaining Federal Court permission to do so. The fund plunged into liquidation last year following a series of dubious investments, leaving around 6,000 retirement savers roughly $590million out of pocket. The sale comes as those investors continue to fight to recover their money.
Anderson's four-bedroom luxury property in Hawthorn was bought in 2020 for $9.04million but has now been listed well below that price. He is selling the home to help cover mounting legal and liquidation costs stemming from the fund's collapse.
- First Guardian fund director forced to sell $9million Melbourne mansion
- Fund's collapse left 6,000 investors about $590million out of pocket
- Sale approved by Federal Court to help cover his legal fees
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David Anderson was a director of First Guardian Master Fund, a superannuation investment scheme that collapsed and went into liquidation last year. The failure came after the fund made a string of questionable investments, leaving around 6,000 people who had put their retirement savings into it collectively out of pocket by roughly $590million.
Since the collapse, liquidators and investors have been trying to trace and recover money linked to the fund, while those affected pursue efforts to reclaim what they lost. Anderson's personal assets have come under scrutiny as part of this process, including his Melbourne home, which he bought in 2020.
This background matters because the sale of Anderson's mansion is directly tied to the fallout from the fund's collapse, with proceeds intended to help meet legal and liquidation costs arising from it. It illustrates the wider financial reckoning facing those responsible for the fund as thousands of ordinary savers wait to find out how much, if any, of their money can be returned.