Police and tax office investigators seized $40 million in luxury assets as authorities allege the Greek-born property developer is involved in a multi-million dollar tax evasion and money laundering scheme with an associate.

Issakidis was recently successfully sued friend and Wheel of Fortune game show host Baby John Burgess for rent he claimed Burgess owed him for living in his Gold Coast penthouse apartment.

The property mogul, a prominent figure in the Gold Coast social scene, was charged with conspiring to deal in proceeds of crime worth $63 million and defrauding the Australian tax Office of tens of millions of dollars. The proceeds of crime charge relates to tax fraud.

Among Issakidis’s seized possessions was a Gold Coast waterfront mansion, a luxury property in Sydney’s Northbridge, two yachts and a number of prestigious vehicles.

Mr Issakidis was expected to appear in Queensland’s Southport Magistrates’ Court to face charges of conspiracy to deal in the proceeds of crime of $1 million or more, – which carries a maximum jail term of 25 years, and conspiracy to dishonestly cause a loss to a third person, namely the Australian Taxation Office, carries a maximum jail term of 10 years.