Record fraudster's holiday home sold for $550,000

Michael Swann. Photo / Otago Daily Times

A holiday home owned by one of New Zealand's most notorious fraudsters sold for more than half a million dollars yesterday.

Michael Swann, former chief information officer at the Otago District Health Board, was sentenced to nine and a half years prison for defrauding the board of $16.9 million between 2000 and 2006.

The Crown got $550,000 of that back yesterday after the auction of his second holiday home in Wanaka, The Otago Daily Times reported.

Swann paid $660,107.27 for the property in 2003 according to court documents.

In March, 20 cars, bikes and boats that belonged to Swann were sold at auction, following a High Court order for Swann to forfeit $3.5 million in assets.

Swann has been ordered to repay the Crown almost $9.5 million.

- NZPA