Failed super fund boss lists his $9million mansion for sale as investors fight to get their money back

Published: 04:58, 11 August 2026 | Updated: 05:28, 11 August 2026 One of the bosses of failed financial group First Guardian has been forced to list his Melbourne mansion for sale at a nearly $2million discount as investors continue to fight to get their money back. David Anderson was the director of the First Guardian Master Fund when it plunged into liquidation last year following a series of dubious investments, leaving 6,000 retirement savers $590million in the lurch. Anderson has now listed his Hawthorn home after obtaining permission to do so from the Federal Court to help pay his burgeoning legal and liquidation fees. The four-bedroom luxury pad was purchased in 2020 for $9.04 million, however, it has been listed with a guide of $7million to $7.7million, which could result in a 20 per cent loss if the property sells. According to Marshall White, who are marketing the property, the home occupies 'an extraordinary position on the bend of the Yarra River with uninterrupted views extending upstream'. It includes a solar-heated pool, an irrigated vegetable garden and land extending down to the riverbank. Expressions of interest for the property close on August 18.  Anderson is accused by the ASIC of siphoning $5.6million into his personal ANZ account 'without any legitimate basis for payments in that amount being apparent to ASIC or disclosed to investors'.  David Anderson pictured taking a stroll while on holiday on Victoria's Phillip Island, while his customers despaired at the loss of their savings His four-bedroom mansion in Hawthorn has now been listed for sale He is also accused of moving $274million overseas after learning of ASIC's investigation into financial irregularities. Investigators allege investors' nest eggs were funnelled into dubious ventures, including $242million sent overseas.  ASIC obtained freezing orders against Falcon Capital - Anderson's responsible entity for First Guardian - in February last year; First Guardian was placed into liquidation in March, with FTI Consulting appointed liquidators. It estimated that $446million could conservatively be owed to retirement savers.  However, in a report delivered in May this year it warned investors to 'temper their expectations', saying it had recovered a mere $6.2million, with First Guardian holding an estimated net cash position of $326,000 after expenses. 'Significant monies have been invested (or sent) offshore in foreign jurisdictions', FTI Consulting said. 'Much has been invested in technology ventures, none of which appear to have yet been commercialised and are thus not generating an income.'   The cash injection from the Hawthorn sale is unlikely to trickle down to investors, with Professional Planner reporting that proceeds will be distributed first to the appointed receiver, before going into the remaining mortgage, and claims from Marlau Nominees and private credit firm Millbrook Income Fund.  Retirement funds from the fund were allegedly spent on a $548,000 Lamborghini Urus, which was registered to director Simon Selimaj The mansion has an asking price of $7 million - $2 million less than what it was bought for Simon and Annette Luck lost over $300,000 through Anderson's fund Should investors have to pay the price for financial leaders' risky decisions and apparent misconduct? What's your view?First Guardian Chief investment officer and director Simon Selimaj has also fronted court seeking permission to sell assets to settle legal bills.  ASIC has also taken several financial planning firms to court over their roles in the monetary disaster. It includes InterPrac, who are accused of failing to ensure representatives they authorised were complying with the law when they recommended thousands of clients clients invest around $677million in both First Guardian and the also now-collapsed Shield fund. Platform trustees Macquarie and Netwealth have remediated investors to their starting investment position, but other funds - including Equity Trustees and Diversa Trustees - are fighting allegations of wrongdoing in court. The collapse of First Guardian shattered the nest eggs of 6,000 everyday Aussies with one customer allegedly committing suicide after their life savings were wiped out. Canberra couple Simon and Annette Luck lost $340,000, amounting to almost all their retirement savings, due to bad advice from a financial planner which saw them fall prey to First Guardian. Last year they told the Daily Mail that they were thinking of selling their home and were living in a caravan. 'Disheartened, dismayed and downright disappointed and let down,' Annette Luck told Daily Mail Australia when approached for comment.