No bail for Sydney double-murder suspect

A man accused of a double murder from 25 years ago has been denied bail despite his lawyer voicing concerns about the financial impact on his family.

Mark Richard Caleo, 52, who appeared via video link from Lithgow Correctional Centre, has been charged with plotting the murder of his former wife Rita Caleo and her brother Dr Michael Chye through a hit man.

Dr Chye, 36, was shot three times in the garage of his Woollahra home in 1989.

Less than a year later, Mrs Caleo was stabbed 23 times in her luxury home at nearby Double Bay.

Mr Caleo, who was denied bail in February, reapplied on Monday morning at Central Local Court.

His lawyer Ross Hudson argued Mr Caleo should be given bail because of the age of the matter, the impact his incarceration would have on his wife, stepson and the family business, and the potential delays before a trial.

Mr Hudson said Mr Caleo was recovering from surgery and had developed dietary issues.

However Magistrate Les Mabbutt refused bail.

"Despite its age, I cannot view it as a weak and hopeless case," he said, adding the charges against Mr Caleo were very serious.

The matter was adjourned until April 2.