A rare collection of pennies, potentially among Australia’s finest, has disappeared following their deposit at a Central Coast auction house. Michael Groves, an 81-year-old great-grandfather and passionate coin collector, has amassed his collection since childhood, including a valuable 1930 penny, which is estimated to be worth over $100,000.
Groves entrusted his coins to the Treasure Island Auction House, managed by Roberta O’Leary. However, shortly after, the establishment shut its doors, leaving Groves distraught. “I nearly cry some nights knowing that money’s gone,” he shared, emphasising the personal significance of the coins, which belonged to his father and were intended to be passed down through generations.
Believing his collection could fetch upwards of $200,000, Groves noticed employees removing items from the auction house just as he arrived to check on the status of his coins. “She just took off,” he recounted, indicating that he has not seen his beloved collection since that day nearly three years ago.
Following the closure, O’Leary dissolved the ABN linked to Treasure Island and relocated to the Bid Barn auction house in Newcastle, which she and her former partner acquired shortly after the collapse. Despite Groves’ allegations, O’Leary denied knowing anything about the missing coins or the previous auction house.
Investigations by A Current Affair traced O’Leary’s activities, unearthing numerous complaints against her regarding Treasure Island. Reports indicate that five customers are pursuing legal action against her, including one individual who settled a claim under the condition that negative reviews were removed.
Another complainant, Paula Basile, has obtained a court order proving that O’Leary owes her nearly $10,000 for jewellery left at Treasure Island. Basile had documented the auction of her items but never received the proceeds or the remaining jewellery. She expressed frustration, stating, “Everybody needs money but do it honestly. It’s just a lousy act, and it has to be stopped.”
Despite attempts to get a response from O’Leary regarding the court orders and related complaints, she has not provided an official statement. The situation raises concerns about financial handling within auction houses and the potential for exploitation of vulnerable clients. Groves, along with other victims, continues to seek justice as they navigate the fallout of this troubling case.