A Sydney property tycoon who was arrested over his alleged role in an arson attack which destroyed a multimillion-dollar mansion near the Sydney Harbour Bridge has been released on bail.
The waterfront home on Cliff Rd at Northwood on Sydney’s lower north shore was reduced to charred rubble after a fire in September.
NSW Police said at the time the fire was being treated as suspicious.
Property developer Steve Nassif was one of two men arrested over the attack on Wednesday after his Wentworth Falls home in the Blue Mountains was searched by arson squad detectives.
The 69-year-old was taken to Katoomba Police Station and charged with destroy or damage property in company by means of fire or explosive, and holder of Category A or B licence with no approved storage.
Police allege Mr Nassif had business links to the owner of the seven-bedroom Northwood home, fund manager and property developer Ouyang “Owen” Chen.
Mr Chen, who is not accused of any wrongdoing, bought the house in 2021 for $24.1 million.
Mr Nassif faced Penrith Local Court on Thursday where he was released on bail after putting forward a surety of $200,000.
He is under strict conditions to report to Katoomba Police Station every day between 8am and 8pm, must surrender his passports and is not to enter any international airport or point of departure.
Mr Nassif is also under a curfew between the hours of 9pm and 6am, and is not allowed to contact the co-accused or victims.
He is not allowed to go near or contact any prosecution witness and is only allowed to have one mobile phone.
Police also arrested 20-year-old Adams Kipkosgei Brett from a home in Punchbowl in Sydney’s west.
He was also charged with destroy or damage property in company by means of fire or explosive.
Mr Brett has not entered any pleas.
Both men will face Bankstown Local Court on January 12.
Police released images earlier this year of a Toyota HiAce van, which police said helped with the arrests.
Emergency services rushed to the Cliff Rd home just after 11pm on September 3 following more than 30 calls to triple-0.
Fire crews found the house engulfed in flames, some about 20m high.
Up to 50 firefighters and 12 trucks responded to the blaze, as there were major concerns it would spread to adjoining properties.
However, firefighters were able to keep it contained to the 4847 sqm property and extinguished the flames within two hours.
The manor-style home boasted spectacular views of the Lane Cove River, Sydney’s CBD and Anzac Bridge and had a tennis court, six bedrooms, a boathouse, sandstone cellar and an orchard.
The now destroyed home was built in 1915 and is one of the oldest properties in Northwood.
It was bought in November last year for $24m – the first time it had been on the market in 60 years.