Board index » The IRISH PROPERTY BUBBLE » NAMAwatch (Pt. I)

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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Tue Jul 08, 2014 2:04 pm 
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The official overseeing Seán Dunne’s US bankruptcy has asked a Connecticut court to exclude the public from the hearing of an application tomorrow to discuss private family law proceedings involving the property developer.


Translation: "Due to the possibility of an embarrassing perception that I'm lying through my hole about a conjured-up agreement, I'd like to keep it out of the news, pretty please."

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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Thu Jul 17, 2014 6:58 am 
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Lawyer disbarred after stealing $500k from Dunne - John Breslin -> http://www.irishexaminer.com/business/l ... 75597.html


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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Wed Jul 23, 2014 1:36 pm 
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I'm sure there's an innocent explanation about how they forgot about this particular swiss bank account
http://www.independent.ie/irish-news/ne ... 52501.html
Quote:
BUST developer Sean Dunne kept the existence of a Swiss bank account secret, NAMA has claimed.
The sensational allegation was made after details of the account – allegedly controlled by Mr Dunne and his wife Gayle Killilea – were unearthed by the State's bad bank.
It said the Credit Suisse account was not among the 11 declared by Mr Dunne when he filed for bankruptcy in the US last year with debts of €695m.


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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Thu Jul 31, 2014 9:21 am 
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MULTI-MILLION euro property deals involving socialite turned developer Gayle Killilea were only uncovered after NAMA hired international investigators to probe her husband's business dealings.
The agency hired Kroll, one of the world's foremost corporate forensic investigation firms, to uncover any possible dealings Sean Dunne had not informed it about.
This investigation threw up information about three property deals in the US and one in Switzerland.
NAMA had previously asked Ms Killilea, who has reinvented herself as a property developer in her own right, to voluntarily provide the agency with a statement of affairs and a net worth statement.
The request was made on the recommendation of accountancy firm Farrell Grant Sparks (FGS), which acted as independent reviewers of Mr Dunne's business case.
Former NAMA official Kevin Nowlan told US lawyers that FGS found a number of asset transfers which they "couldn't understand".
Ms Killilea told NAMA that she was under no legal obligation to provide any information as she was not a NAMA debtor.

http://www.independent.ie/irish-news/ne ... 73157.html

It's torturous


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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Tue Aug 19, 2014 12:51 pm 
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http://www.independent.ie/irish-news/ne ... 17549.html

They're going after the Dublin home and maybe the oversized chess pieces in the living room.


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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Tue Aug 19, 2014 2:38 pm 
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dipole wrote:
http://www.independent.ie/irish-news/news/bank-moves-to-seize-control-of-sean-dunnes-d4-mansion-30517549.html

They're going after the Dublin home and maybe the oversized chess pieces in the living room.



I wonder if the contents will be up for sale also ?


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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Wed Aug 20, 2014 7:23 am 
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http://www.thejournal.ie/bank-of-scotla ... 2-Aug2014/

Court documents are interesting.

911sqm, current rent of 16k/mo and "forced sale" value of 4m (4.8% yield). Apparently Shrewsbury Road is a "suberb". Superb? Suburb?

But "The former developer, who is pursuing bankruptcy in both Ireland and the United States, claims that the house is worth €7,500,000." (2.6% yield)

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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Wed Aug 20, 2014 8:23 am 
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Dunne is more on the right side.
One suspects his house does not require any upgrading like many of the recent sales.
10,000 sq/ft is also significantly larger than all the other penises on the road.


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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Wed Aug 20, 2014 8:37 am 
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mr_anderson wrote:
10,000 sq/ft is also significantly larger than all the other penises on the road.

:shock:

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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Wed Aug 20, 2014 8:55 am 
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Mantissa wrote:
mr_anderson wrote:
10,000 sq/ft is also significantly larger than all the other penises on the road.

:shock:


I've said it before, having been in countless large properties, it's my observation that anything above 3,000 sq/ft is just a waste of space.
Wave after wave of unused (and usually freezing) reception rooms.
Unless you have a dozen kids, 10,000 sq/ft is all about making a statement, rather than a home.


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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Wed Aug 20, 2014 9:35 am 
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mr_anderson wrote:
I've said it before, having been in countless large properties, it's my observation that anything above 3,000 sq/ft is just a waste of space.
Wave after wave of unused (and usually freezing) reception rooms.

That's just bad architecture and poor insulation.

I briefly rented a 400+sqm (4300sqft+) house recently and was surprised at how well balanced it was. There were five bedrooms over three floors, the top one was nicely converted attic for two kids/guest rooms and a bathroom.

There was enough space for a couple of rooms on the ground floor with different uses (dining room, TV/chill out) and a beautiful first floor living room. It was lovely to "retire upstairs" to this in the evening for a glass of wine and a book, scrabble etc (rock and roll!).

I could live without the dining room (would probably use it as an office/library instead) but the space and layout was perfect. I could find uses for several additional rooms - exercise room, workshop, storage/junk, pushing it up to 450 or 500sqm easily, and that's before getting ostentatious with swimming pools in the basement.

This has totally ruined my perspective on what constitutes a nice size family home (mine is 120sqm).

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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Wed Aug 20, 2014 9:48 am 
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Eschatologist wrote:
I could find uses for several additional rooms - exercise room, workshop, storage/junk, pushing it up to 450 or 500sqm easily, and that's before getting ostentatious with swimming pools in the basement.

This has totally ruined my perspective on what constitutes a nice size family home (mine is 120sqm).

I know the feeling, I used to think it was enough to have a hard-cheese room and a soft-cheese room in a home. Then I lived in a larger place and now can't manage without a total of 24 cheese rooms as that's the minimum that allows me to adequately separate the main varieties (and even with that I have to completely forgo the cheeses of eastern France).


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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Wed Aug 20, 2014 9:51 am 
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Col. Max Pyatnitski wrote:
I know the feeling, I used to think it was enough to have a hard-cheese room and a soft-cheese room in a home. Then I lived in a larger place and now can't manage without a total of 24 cheese rooms as that's the minimum that allows me to adequately separate the main varieties (and even with that I have to completely forgo the cheeses of eastern France).

OMG, I forgot about cheese. And wine. It's probably not a good idea to keep cheese and wine in the same cellar.

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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Wed Aug 20, 2014 12:26 pm 
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As long as you keep the cheeses far away from the humidor...

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 Post subject: Re: Dunne ducks out of D4 and heads west
PostPosted: Wed Aug 20, 2014 12:36 pm 
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Can we all agree that 10,000 sq/ft is at least 36 sq/ft too much ?


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