Fraud suspect's luxurious house

The plush home owned by an ASB Bank investment adviser sacked for fraud is being sold - by his former employer.

Stephen Versalko and his wife Megan are believed to have left their $1.7 million Remuera home, which was bought just a few months before his dismissal.

The ASB announced in September it had fired an employee for an alleged fraud involving "several millions of dollars". The Serious Fraud Office is investigating.

The Remuera home was one of two expensive properties bought by companies associated with the Versalkos this year.

The other is a $1.8 million beachfront holiday home on the Coromandel Peninsula, which is not on the market.

Both properties are subject to legal caveats put in place by ASB lawyers Bell Gully. The caveats state the properties were purchased with "funds beneficially belonging to ... ASB Bank Ltd". The caveats were not the only legal notices filed against the properties. Megan Versalko also filed a notice of claim under the Property Relationships Act.

Her legal notice said "I claim an interest" in the properties "by virtue of my marriage" to Stephen Versalko.

Otago University family property law expert professor Nicola Peart said it was a way for Megan to ensure she was in the loop. "It alerts others that they are not alone in claiming a stake in the asset."

When the Herald on Sunday contacted the estate agent, we were referred to Murray Tingey, a top lawyer at Bell Gully. Tingey said the claim by Megan Versalko was "no impediment to the sale", but would not comment further.

The estate agent's advert described the home as being on one of Remuera's "most desirable streets" - Seaview Rd. Prospective buyers can visit an "open home" today between 1pm and 1.45pm.

The advert reads: "Wide hallways, vaulted ceilings and a combination of quality finishes ensure this beautiful renovation of a traditional bungalow displays all the essence of sophisticated style." The house with four bedrooms, an office, three sitting rooms and a swimming pool is being sold at auction.