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Dunne bankruptcy filing show debts of $942m

The fall from grace of property developer Sean Dunne has been revealed in filings to the US court...
Newstalk
Newstalk

09.29 4 May 2013


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Dunne bankruptcy filing show d...

Dunne bankruptcy filing show debts of $942m

Newstalk
Newstalk

09.29 4 May 2013


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The fall from grace of property developer Sean Dunne has been revealed in filings to the US courts as he seeks bankruptcy protection from debts of more than $940 million.
 
The figures show his current assets are worth just $55m.
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And the filings show the man dubbed the "Baron of Ballsbridge" now lives on $22,000 through a combination of property income and from his salary working as a project manager for his wife Gayle's company Mountbrook USA.
 
The 53-page filing says he has been employed as a  manager for the company for the last years.
 
Out of his total income, which includes a monthly salary of $8,333, Dunne has expenses of $21,807.
 
He says he spends $600 on food, $500 on transport, $500 on recreation and $100 on charitable donations.
 
The filing lists all of Dunne's secured and unsecured borrowings, with Ulster Bank and Nama owed substantial sums.
 
It also lists his personal assets which includes jewellery of $7,500, clothes of $9,000 and golf and ski equipment valued at $1,000.
 
The filing says he has two tickets to the  Twickenham rugby stadium and the Millennium Stadium in Cardiff valued at a combined $6,439.
 
Dunne recently told the Sunday Independent that he considered his debts to the Irish state paid because of all the tax he had paid over the years. He is locked in a number of legal disputes with Nama.
 
Dunne's spending frenzy at the height of the property boom culminated with him paying a then record price for land with the purchase  of the Jury's and Berkeley Court hotels in the Ballsbridge area of Dublin with the dream of throwing up skyscrapers, shops and luxury apartments. The  were rejected by planners.
 
The billionaire financier Dermot Desmond said in his objection to the proposals that a 30-odd storey tower would be a target for.
 
While Dunne's fortune has been decimated in recent years from the property market collapse he has still been prominent in the media.  A profile of him in the New York Times in 2009 began with him picking up a penny from the floor of Dublin pub Doheny & Nesbitt's at 3am.

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