25-05-2025
Inside slumlord's shocking empire: derelict, unliveable, worth millions
A stubborn 'slumlord' hit by overdue rates for eight properties is selling off two of them, the worst of which is shockingly derelict, unliveable yet worth a fortune.
Edward 'Ted' Amos has been in and out of council and tenancy legal action for decades – which saw a decision against him in 2016 finding he owed a shocking $807,148.28 for unpaid rates and interest levied on eight properties.
He won an appeal against the decision in 2019, but that still saw him owe about half that amount – hundreds of thousands that authorities have renewed pressure to chase down..
MORE: Aus cities break into global top 10
Shock as 65k Airbnb rentals banned
How Gen Z accountant tackled record housing market
Mr Amos – who did not comment when returning a call made to him – has been in trouble with authorities previously including claims he made tenants responsible for repairs to rented property with several homes left to crumble.
With the revenue office now hot on his heels, he has put two of his eight homes up for sale via an expressions of interest campaign he is running himself – both of which are worth a fortune.
The first is a lucrative crumbling house in a stunning location in bluechip Ascot where the median house price is $2.525m; and the second is a massive 1,000sq m plus block in nearby Albion – where the house price median is $1.27m.
MORE: Inside new Liberal leader's property portfolio
Crunch time for Airbnb, short-term rentals
Both suburbs saw high demand even before the pandemic given their location within 6km of the Brisbane CBD, but since then Ascot has seen prices rise a whopping 83 per cent in the past five years and Albion houses are up 48.8 per cent in that time.
Regardless of how derelict the homes are, Mr Amos – now in his mid-80s – could fetch a fortune for those two alone – let along his empire of eight properties all of which were mentioned in the overdue rates action by authorities.
Valuation estimates put the properties as high as $10m plus in today's market.
MORE: Buyer of $12m mansion plans to give it away
Culture Kings founders' bold $30m push
Mr Amos described the Ascot property as being a 'renovator's dream' in his listing – with the block directly across the road from the historic Eagle Farm Racecourse, in fact just 50m away from its entrance as well as Racecourse Road where shops like Maggi T and a multitude of restaurants, supermarkets and professional offices are located.
'Positioned in one of Brisbane's most prestigious suburbs, this charming timber character home on a level 405sq m block presents an outstanding opportunity for renovators, builders, or anyone looking to create their dream home in a premium lifestyle location,' he said in the listing.
RELATED: Million-dollar fixer-upper set for mortgagee sale in blue-chip zone
'With council approval already granted to demolish or remove the existing dwelling, buyers are free to either restore the original residence or start fresh with a custom new build (STCA).'
The level site has no development application currently lodged, and is zoned for low density medium development, which translates to one to two townhouses or mixed use developments of up to three storeys.
Even as far back as 2011, the property was being marketed as 'reno or demo' with 'the essentials for you to turn it into a money maker'.
In the time since he won the appeal against council, a four bedroom house has been built in the backyard of his immediate neighbour which was then sold for $1.13m in 2020 and is currently valued as high as $2.03m.
MORE: Homebuyers gunning for Olympic price growth victory
Top Qld suburbs where it's cheaper to buy than rent
The second property Mr Amos is seeking expressions of interest on is in Albion and potentially worth a millions, given it is a massive 1,067sq m block with potential to sub-divide in a highly desireable area – and what he described as 'amazing river and city views'.
Mr Amos bought the property for a mere $20,000 in January 1973, according to property records, and ran five units out of a federation-era house with four car spots in the back of the property.
He listed the property for sale for the first time in 60 years via an expressions of interest campaign, describing it as having 'incredible potential'.
'Currently configured as five self-contained apartments returning a combined $2,150 per week (low rent), the property provides solid rental income from day one. Alternatively, it could be transformed back into a magnificent five-bedroom family home with three bathrooms and ample living space,' is how he described it.
It 'currently has enclosed verandahs but could easily be restored to original period style', and also has what he called a 'versatile zoning and development upside (subject to council approval).'
'Whether youre looking to invest, landbank, develop, or restore this beauty into a grand residence, opportunities like this don't come often.'
MORE REAL ESTATE NEWS
