Controversial Russell Vale land back on market as Black Diamond estate

The Black Diamond Estate, as it is now known, will still need to get clearance for asbestos before the subdivision can be registered.

The Russell Vale subdivision, on the corner of the Princes Hwy and Keerong Ave, had been offered for sale in 2014 as Tallowoods.

But then-owner Keerong Investments Pty Ltd was unable to get final environmental clearance and went into liquidation, and furious purchasers who had been waiting years were left with nothing but their deposits.

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New sales agent Anthony Sorace from A-List property group said the land was "required to undergo remedial work for the asbestos contamination" before the subdivision was complete.

"This is currently taking place by a well known company, Reditus, who are specialists in removing contaminated soil," he said.

"From my understanding this work is almost completed and an independent site audit report will be provided to Wollongong City Council for approval."

Vito Pennimpede is the sole shareholder of Russell Vale Pty Ltd, which bought the property at 655 Princes Hwy for $3.3 million in 2018, after Keerong Investments went into liquidation.

Mr Pennimpede told the Mercury he'd "prefer not to comment" for this story, but when asked if buyers could be confident the subdivision would go ahead, he said "I see no reason why it isn't".

He said he was not prevented from selling land. "Just because I'm not a company director doesn't mean you can't sell your house or your assets," he said.

Just 5km away, Mr Pennimpede is also trying to sell his mansion Villa Carla on Wellington St, Balgownie, which includes three pools, marble finishes, tennis court and ocean views. The asking price has now been reduced to about $8.5 million.

Villa Carla is now listed on company documents as the principal place of business for Russell Vale Pty Ltd, and the address of Vito and his brother Pasquale, who is the company's sole director and secretary. Vito is the single shareholder of the company's 10 shares, each worth $1.

In banning Vito Pennimpede for two years in 2021, ASIC said he "does not adequately understand his directors' duties" in relation to four failed companies, including keeping records, paying tax and acting with due care and diligence.

The total owed to unsecured creditors for the four companies was estimated at $10,953,719, of which $2,697,828 was owed to the tax office.