Channel 7 Today Tonight (Adelaide)

Peter Liddy's Antique Collection – 2 May 2005

This version of the transcript has been edited by Dr Robert N Moles

In order of appearance

Leigh McClusky, Presenter
Graham Archer, Producer and Interviewer
Byron Mills, Former Victim of Liddy
Damien Lester, Antique Collector
Tony Rankine, SA Police

Program

Leigh McClusky

First tonight, more on Peter Liddy's hidden assets. Now last week we recovered 18 Colt 45 revolvers which belonged to Peter Liddy but which weren't disclosed to the District Court despite an order requiring a full list of his assets. Now the police have also revealed a host of other artefacts now in their possession, which had also mysteriously disappeared. But just what is it all worth and what else is out there? Well one local collector is now concerned that he's acquired possibly valuable items which were Peter Liddy's at fire-sale prices. As Graham Archer reports, he says he's prepared to donate them to Peter Liddy's victims who it seems have been doubly duped.

Graham Archer

What was the view of collectors about the worth of Liddy's collections?

Damien Lester

It was priceless. The collection is bought over decades not over a single year. It's very hard to amass a collection of such size.

Peter Liddy

[File tape] The pistols belonged to the colony of Massachusetts, they've got their stamp on the side.

Tony Rankine

The property that we've recovered and what you will see is taken from premises in pursuant to a general search warrant.

Graham Archer

Everyone loves a riddle - but even more we love an answer.
[To Byron Mills] Did you ever think you'd see them again?

Byron Mills

No, definitely not. I definitely recognise a couple of them - especially this one here - that was one of his favourites, that one.

Graham Archer

Last week we revealed our recovery of 18 Colt 45 revolvers - just part of the hidden collection of former Magistrate, Peter Liddy. Since then much about other parts of his collection and its possible real value has surfaced.  

Damien Lester

To get the highest and best price - and not a fire-sale approach - which the Liddy estate in my opinion was - just a fire-sale. Things should be sent to America or the larger parts of Australia such as Sydney or Melbourne.

Graham Archer

Because it's really - largely - an international collection isn't it?

Damien Lester

Most definitely an international collection; I know some of the items that I purchased - he purchased from England.

Graham Archer

Despite assurances to the court and to Liddy's victims to maximise the return on any sale - this didn't happen - and the house and contents were sold privately to con-man Terry Stephens back in December 2001. On Friday, members of the Fraud Squad revealed some Liddy secrets of their own.

Tony Rankine

Over the last year or so, however, we have recovered a fair proportion of property that is believed to have been Peter Liddy's - at one stage or another - at one location or another.

Graham Archer

Tony Rankine and his staff put on display this fascinating collection of artefacts from shipwrecks to the American west - as well as 600 of the remarkable 1,500 antique miniature bottles - apparently stolen from Liddy's mansion, Shenandoah, in September 2001.

Tony Rankine

We believe it's the bottom class of that 100% that was stolen - and so we're still looking for the other liquor bottles.

Damien Lester

There was a sale in town at the local Christies agent - which it was advertised that there was some of the estate of Peter Liddy there - and I knew that the provenance of what he collected was going to be good. So I attended the auction and proceeded to bid on various items.

Graham Archer

One of those who came forward with a small portion of the puzzle is high profile Adelaide property developer, Damien Lester.

Damien Lester

I have been collecting for over 20 years and I can comfortably say that it was basically under fire-sale conditions.

Graham Archer

What Damien was bidding for was the residue from the Terry Stephens auction back in 2002 - and it raises further questions about the original valuation done by Liddy friend, lawyer, Eric Van Kruyssen.

Damien Lester

Well this is a sea chest. They're quite rare to find and this is in exceptionally good condition. I paid the paltry sum of $900 for it at auction at Christies - and it's at least worth at least double. However if I had the provenance on it - for argument's sake, if it was fortunate enough to be one of James Cooks - it could be worth $400,000, $500,000.

Graham Archer

So its really just “history unknown”, value unknown at this stage?

Damien Lester

Indeed.

Graham Archer

But there were other items for which Damien paid just $300 that are even more intriguing.

Damien Lester

There were two fish tanks in the sale and they were both salt-water fish tanks - and at the bottom of the fish tanks there was sand - and in the sand, sitting on top of the sand was crustaceans. Well these were basically ship-wrecked items of interest such as cutlasses, cannonballs, keys - stuff you'd find from shipwrecks in the 17th Century.

Graham Archer

And what could those items be possibly worth?

Damien Lester

A friend of mine who's an antique dealer told me that he paid 4,000 English pounds for the cannonball alone. This is in very good order - the cutlasses and other items.

Graham Archer

So once again, if you could trace what the history of these things was - they could be worth anything?

Damien Lester

Well they'd be worth a lot more than $300 - possibly tens of thousands of dollars.

Graham Archer

What's very interesting is that the purchaser of the other aquarium with its buried treasure was Eric Van Kruyssen - the original and ‘so-called’ independent valuer. In doing so, we understand he picked up this valuable coral-encrusted pistol - almost certainly knowing Liddy had paid thousands for it ten years before - “1733 Coral Encrusted Pistol, $3,218”. The value of the guns we recovered depends almost entirely on their condition and authenticity. We have some paperwork - and early estimates start from around $100,000. We've also discovered that most of the guns should have been registered as they can fire commercially available ammunition. As for the items the police found, some are referred to in various magazines. For example, this artefact set him back almost $3,000. We also came across this, an article written by Liddy in May 1998, laying claim to part of an extraordinary collection from a sunken treasure intended as a gift for Pope Pius VIIII in 1869.

“My portion of the treasure consists of 15 gold rings, numerous gold 20 Franc pieces, a magnificent 160 intricate gold chain and the gold Legion of Honour medal from 1.5 miles under the sea.”

So far these items have never been mentioned, nor have items from the First World War collection.

Tony Rankine

If anybody has information as to their handling of the property or where the property might have been over the past two years we'd like to hear from them.

Graham Archer

But there is some good faith available to the victims. Damien Lester has made a pledge.

Damien Lester

Well after seeing your segment the other night, I'm more than happy to donate all the  contents of the fish tank, in a proper sale, that should receive the proper money that it deserves - and donate the money to the victims - because I just think its shocking. The predicament they’re in - and if money helps them in some way well I'll do my little bit.

Leigh McClusky

Nice to hear.

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