Sydney property developer pleads guilty to role in fire that destroyed heritage home

A Sydney property developer has admitted to his part in burning down a $24 million heritage-listed home on the city's Lower North Shore.

Steve Nassif, 70, admitted in court today that he was involved in the arson of a heritage property in Northwood, Sydney, in September 2022.

The home, which was built in 1915, was destroyed by the fire.

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It wasn't insured at the time.

It was revealed in court that the first attempt to firebomb the home had failed, as an accomplice backed out at the last minute.

Two weeks later on September 5, 2022, the home's torching was caught on security cameras, with the getaway van, a grey Toyota Hi-Ace, later found at the developer's Wentworth Falls mansion.

Nassif pleaded guilty to damaging a property by fire at the Downing Centre Local Court today.

Defence barrister Mark Dennis SC told the court there was "no apparent motive".

The 70-year-old property developer is facing up to 10 years in prison, but currently remains out on bail.

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An application was made by prosecutors to keep him behind bars until sentencing, however, Nassif argued that the stress of a potential jail sentence had left him with depression, anxiety and PTSD.

The developer also needs to be tested for dementia and claimed that his wife suffers from panic disorder with agoraphobia, and he fears she can't be left alone.

The home in Northwood boasted a $24.1 million price tag, a tennis court and water frontage.

It was bought in 2021 by fund manager "Owen" Ouyang Chen and his sister, 10 months before the blaze.

Chen is known to Nassif but has denied setting the fire or hiring someone to do so. He has never been charged and there is no suggestion of wrongdoing on his part.

Nassif will return to court in May.