Three luxury cars bought by Swann yet to be recovered

At least three luxury vehicles bought by convicted Dunedin fraudster Michael Swann have yet to be located by police.

A register of Swann's known assets includes a $60,000 1960 Mercedes-Benz, a 1993 Mercedes and a 1974 Jaguar not accounted for.

They are three of 22 cars on the register, which also lists properties, boats, motorcycles and cash. Swann paid more than $5 million for the 48 items on the asset register.

Police have seized all but the three luxury cars and four trailers. The assets recovered predominantly sold for less than they cost. The police have recovered, according to the latest assets list, about $3.6 million from Swann's assets.

Properties included Swann's former home, the historic Ferntree Lodge in Wakari, Dunedin.

Three Ferntree Dr titles were sold by police for $835,000, while two Macandrew Rd, Careys Bay, titles sold for $612,000 despite being bought by Swann for $805,264.

A property in Rowan Court, Wanaka, was sold for $550,000 and an additional $70,046 was recovered from the sale of an adjacent title.

Police seized and sold 19 of Swann's vehicles, collectively costing $1,233,800. Thirteen were classics.

They were sold for $757,700 - $476,100 less than they cost.

The cars included a $200,000 1938 Rolls Royce (one of four classic Rolls Royces), sold for $97,100, and a 1911 Cadillac Swann bought for $54,000 which sold for $56,000.

Four of the cars had cost more than $100,000 each, and the most profitable vehicle sale for police was of a 1929 Rolls Royce for $140,000.

Swann's $826,000 ship Townsend Cromwell sold for $650,000.

Police recovered another $131,829 from the sale of six other boats and marine equipment, collectively costing Swann $470,356.

All of the assets were seized in 2009.

Police then recovered $75,546 cash from sale balances in 2010, and Swann's final health board payment of $6492 in 2011.rosie.manins@odt.co.nz

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