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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Jul 03, 2011 11:09 am 
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Lavish hotel pad a steal at €2.2m - Ronald Quinlan -> http://www.independent.ie/national-news ... 11969.html

Quote:
A sumptuous penthouse apartment at Dublin's five-star Merrion Hotel seized by Nama from the Swiss-based property investor Derek Quinlan has been snapped up for over €2.2m by one of the hotel's owners, the Sunday Independent can reveal.

Documents filed at the Property Registration Authority show that billionaire businessman Martin Naughton completed his purchase of the Merrion Hotel apartment on June 3 last, weeks after Nama assumed ownership of it.

Mr Naughton acquired the 2,500 sq ft property before Nama-appointed receiver Paul McDowell of Knight Frank placed it for sale on the open market. But while the estimated €2.2m that sources say the Glen Dimplex founder paid for the Quinlan apartment is substantial, it still falls short of the €3.17m a similar penthouse at the Merrion went for in 2001.

there is more


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Jul 03, 2011 2:34 pm 
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BoyRacer wrote:
Lavish hotel pad a steal at €2.2m - Ronald Quinlan -> http://www.independent.ie/national-news ... 11969.html

Quote:
A sumptuous penthouse apartment at Dublin's five-star Merrion Hotel seized by Nama from the Swiss-based property investor Derek Quinlan has been snapped up for over €2.2m by one of the hotel's owners, the Sunday Independent can reveal.

Documents filed at the Property Registration Authority show that billionaire businessman Martin Naughton completed his purchase of the Merrion Hotel apartment on June 3 last, weeks after Nama assumed ownership of it.


I was told he bought this for one of his children. Oh to have such a rich father :D

It is actually a pretty tax efficient thing to do. If for example you give the child the money to buy the house the child pays 25% CAT on the money over the exemption limit on it, but if you buy and have them live in it and then gift the house there is no CAT.
http://www.citizensinformation.ie/en/mo ... s_tax.html

Quote:
If you receive a gift or inheritance of a house that has been your main residence, it may be exempt from tax if you do not own or have an interest in any other house. There are conditions on how long you must be resident in the house before and after receiving the benefit. More information is available on this website - see Dwelling-house exemption below - or Revenue's leaflet CAT 10.


Another loophole in the tax system Mr Chopra should be looking at.


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Jul 03, 2011 3:12 pm 
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BoyRacer wrote:
Lavish hotel pad a steal at €2.2m - Ronald Quinlan -> http://www.independent.ie/national-news ... 11969.html

Quote:
A sumptuous penthouse apartment at Dublin's five-star Merrion Hotel seized by Nama from the Swiss-based property investor Derek Quinlan has been snapped up for over €2.2m by one of the hotel's owners, the Sunday Independent can reveal.

Documents filed at the Property Registration Authority show that billionaire businessman Martin Naughton completed his purchase of the Merrion Hotel apartment on June 3 last, weeks after Nama assumed ownership of it.

Mr Naughton acquired the 2,500 sq ft property before Nama-appointed receiver Paul McDowell of Knight Frank placed it for sale on the open market. But while the estimated €2.2m that sources say the Glen Dimplex founder paid for the Quinlan apartment is substantial, it still falls short of the €3.17m a similar penthouse at the Merrion went for in 2001.

there is more



My question is why and how this insider had access to an option on this NAMA property before anyone else, and before it came on the open market?


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Jul 03, 2011 4:37 pm 
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BlameGame wrote:
I was told he bought this for one of his children. Oh to have such a rich father :D

It is actually a pretty tax efficient thing to do. If for example you give the child the money to buy the house the child pays 25% CAT on the money over the exemption limit on it, but if you buy and have them live in it and then gift the house there is no CAT.
http://www.citizensinformation.ie/en/mo ... s_tax.html

Quote:
If you receive a gift or inheritance of a house that has been your main residence, it may be exempt from tax if you do not own or have an interest in any other house. There are conditions on how long you must be resident in the house before and after receiving the benefit. More information is available on this website - see Dwelling-house exemption below - or Revenue's leaflet CAT 10.


Another loophole in the tax system Mr Chopra should be looking at.


IIRC you have to live in it continuously for 3 years and not have any other interest in other property.

If my father was a billionaire the last place I would want to be is stuck is in the top floor of a hotel in pissy Dublin for 3 years to avail of a tax break.. horses for courses I guess.... Ok might be handy if you were in Trinity for a bit :)


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Thu Jul 07, 2011 10:10 am 
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Quote:
Quinlan's Riviera villa sold already?

AN AUCTION planned for Nice today to handle the sale of a stunning Riviera mansion owned by troubled financier Derek Quinlan, may not be going ahead-because the property has apparently already been sold.

An estate agent based in the south of France estimated yesterday that Villa La Carriere at Cap Ferrat – put on the market after Barclays Bank got a French court order – has made the guts of €70 million.

More at http://www.irishtimes.com/newspaper/pro ... 06161.html

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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Thu Jul 07, 2011 10:14 am 
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2.1m pa property tax :shock: :shock:


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Jul 10, 2011 9:18 am 
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Irish firm buys Quinlan's old German business - Neil Callanan -> http://www.independent.ie/business/iris ... 17700.html

Quote:
Irish private equity group Signature Capital has paid about €130m for a German shopping centre that had been controlled by Quinlan Private before the centre collapsed into insolvency.
The Neumarkt shopping centre in Cologne was bought by Quinlan Private, since renamed Avestus, for €170m in 2006 but it went into administration last November after Avestus missed a €9.6m payment.
An insolvency administrator was appointed in March.
The centre had formed part of a commercial mortgage-backed security, a type of bond, that is listed on the Irish Stock Exchange.
Last week, the bondholders were informed that a sale-and-purchase agreement has been signed between Signature Capital and the insolvency administrator.

there is more


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Jul 10, 2011 10:17 pm 
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A long Property Week profile of DQ from 2005 that I got over at NamaWineLake
http://www.propertyweek.com/quinlan-pri ... 88.article

"The caricature of the ‘cowboy’ Irish investor throwing cash at property and being a bit of a ‘gombeen’ (an idiot) is outdated. Moran says the Irish have not made the money they have by being stupid and could ‘chew most people for breakfast’."

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(You can choose when to sell your house or at what price to sell your house but not both things.)
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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Jul 10, 2011 10:31 pm 
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JoseAntonioPP wrote:
A long Property Week profile of DQ from 2005 that I got over at NamaWineLake
http://www.propertyweek.com/quinlan-pri ... 88.article

"The caricature of the ‘cowboy’ Irish investor throwing cash at property and being a bit of a ‘gombeen’ (an idiot) is outdated. Moran says the Irish have not made the money they have by being stupid and could ‘chew most people for breakfast’."



Clarification required from pinsters:
Gombeen is a word that gets bandied around a lot, often in the sense given above, i.e. idiot, but is it not the case that the real meaning of the word is middleman, who would be far from an idiot??
Was not the gombeen the man who interfaced between absentee landlord and tenants on the land?


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Jul 10, 2011 10:32 pm 
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JoseAntonioPP wrote:
A long Property Week profile of DQ from 2005 that I got over at NamaWineLake
http://www.propertyweek.com/quinlan-pri ... 88.article

"The caricature of the ‘cowboy’ Irish investor throwing cash at property and being a bit of a ‘gombeen’ (an idiot) is outdated. Moran says the Irish have not made the money they have by being stupid and could ‘chew most people for breakfast’."



:D :D :D :D :D :D :D :D :D :D :D :D
What a find. Great quote!

Now he speaks about "corporate restructuring".
http://www.corporaterestructuringsummit.ie/index.html


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Jul 10, 2011 11:20 pm 
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Inis Man wrote:
Clarification required from pinsters:
Gombeen is a word that gets bandied around a lot, often in the sense given above, i.e. idiot, but is it not the case that the real meaning of the word is middleman, who would be far from an idiot??
Was not the gombeen the man who interfaced between absentee landlord and tenants on the land?


http://en.wikipedia.org/wiki/Gombeen_man


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Jul 11, 2011 12:12 am 
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BoyRacer wrote:
Inis Man wrote:
Clarification required from pinsters:
Gombeen is a word that gets bandied around a lot, often in the sense given above, i.e. idiot, but is it not the case that the real meaning of the word is middleman, who would be far from an idiot??
Was not the gombeen the man who interfaced between absentee landlord and tenants on the land?


http://en.wikipedia.org/wiki/Gombeen_man


On the same page ...

Quote:
See also
Cute hoor


:lol:


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 Post subject: avestus should be divestus
PostPosted: Mon Sep 05, 2011 8:43 am 
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Quinlan plan to sell Citigroup Tower hits tax snag - Emmet Oliver -> http://www.independent.ie/business/iris ... 53420.html

Quote:
Citigroup Tower used to be the most expensive building in London, but the crash in the market has forced Mr Quinlan, a former tax inspector, to reduce his debts rapidly by working with NAMA and several commercial banks.

But 'Property Week' magazine yesterday reported that interest in the Citigroup asset was now dwindling.

Two companies owned by Mr Maud and Mr Quinlan borrowed about £875m (€1bn) to purchase the building, but the UK magazine claimed that a tax bill of £182m (€210m) would need to be paid if the leasehold on the property was to be acquired.

there is more


Europa Capital LLP has completed the acquisition of the first shopping mall in Bulgaria's capital -> http://www.balkans.com/open-news.php?un ... ber=116261

City sales set to net £250m for Ireland -> http://www.cityam.com/news-and-analysis ... 0m-ireland

Quinlan backs out of Hungarian venture - Richard Curran -> http://www.sbpost.ie/news/ireland/quinl ... 58458.html

Quote:
Avestus, formerly known as Quinlan Private, has agreed to part company with its Hungarian joint venture partner and walk away from a planned €500 million hotel and leisure development on the shores of Lake Balaton in Hungary.
Quinlan Private and its joint venture partner, SCD, have sold their interest in the 23 sites on the lake.
Accounts filed in Luxembourg for the joint venture say a termination agreement has been reached between SCD and the Irish financing group.
Quinlan Private put around €50 million into the venture and had planned to begin developing a massive hotel, apartments, amusements and luxury villa complex around the lake.

there is more


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Tue Sep 20, 2011 1:46 pm 
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Heard a report on drivetime last night that NAMA'd art, possibly from the bling acquired using borrowed money by Derek Quinlan, who payed excessive amounts for them (easy when its not your money) - according to RTE, is to go for sale at Christies Auction house in London. NAMA donated a work of art to the national gallery, The national gallery bought another painting and the rest are for sale.

There was a comment about how Dublin auctioneers were 'disappointed' that they didn't receive the commission to sell the paintings. But, according to the report, the decision was reached by competitive tender.

Maybe they should drop their prices.

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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Tue Sep 20, 2011 2:03 pm 
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maybe the competitive tender had other criteria, like the ability to get the best price for the works in an international market?

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