Although the registered owner is one Thomas J Heagney acting in trust, the property at 42 Bote Road in Stanwich, Connecticut has in the past been associated with the Sean Dunne and his wife Gayle (Killilea). It was bought for USD 825,000 on 20th January, 2011, was on the market initially for USD 3.95m, but that was reduced to an asking price of USD 3.3m in February, 2012 but it has now reportedly sold for USD 3m (€2.4m), the sale date is reported to have been 17th April, 2012.
Thomas J Heagney (Tom Heagney, Thomas Heagney) is one of at least four individuals being sued by NAMA in the Connecticut Superior Court with a hearing scheduled to start in October 2012. Three of the other four are Sean Dunne, Gayle Dunne and Thomas Heagney’s partner in lawyer firm, Heagney Lennon and Slane, John Slane. The Irish Independent appears to have obtained the court filings and reports today that NAMA is concerned that funds owing to it by Sean Dunne may have made their way to Sean’s wife, columnist and presently developer in her own right, Gayle and possibly the Dunnes’ adult children. The US court refused an application for an interim freezing order.
We don’t know what profit, if any, was made on the Bote Road transaction though USD 1-1.5m might not be unrealistic with a USD 825,000 purchase price and USD 1m of costs including rebuild/renovation. This transaction comes on top of the sale of 38 Bush Avenue in Greenwich,Connecticut which sold for USD 5.5m and which itself may have realised USD 2-3m in profit. NAMA with 200 staff, 1% funding and an army of consultants/experts reported a pre-tax profit of €12m in 2011…
The Dunnes, who are understood to be still living in a rented mansion on Field Point Road in Greenwich, have been linked to a third unidentified US property in newspaper reporting, which is not surprising given the stated aim of the Dunnes – Gayle in particular – to forge ahead with a property development career in the US. Back home in Ireland, the Dunnes – or specifically Sean Dunne – owes €185m to NAMA and over €200m to non-NAMA banks. It should be said that Sean Dunne has previously denied ownership of the US properties.
There is background including more photos and sales details of the property at 42 Bote Road here.
It’s not like the US housing market is on fire or anything,very impressive.
For example another famous x pat,one time banker, has just recently reduced one his houses in the US by 6%,it’s been on the market for over 4 months.
Why on earth did NAMA wait until the house were sold,profits distributed fees and costs paid,before making its move,a bit lackadaisical.Interesting that despite retaining one the largest most prestigious,read expensive,legal firms in New England they got home cooked by small local law firm,tut tut.
http://www.trulia.com/property/1086935423-73-Old-Colony-Rd-Wellesley-MA-02481
NAMA’s counsel here.
“McCarter & English, LLP is a firm of over 400 lawyers with offices in Boston, Hartford, Stamford, New York City, Newark, Philadelphia and Wilmington. In continuous business for more than 160 years, we are among the oldest and largest law firms in America.”
http://www.mccarter.com/aboutus/uniGC.aspx?xpST=AboutUs
Dunners don’t have a web page !
Serious lack of reporting on the rational for refusing to grant the order,a bit one sided let’s try remedy that omission,must be a good read.
@John, agreed, the court’s refusal to grant an interim order was under-reported, buried half-way down the Mail on Sunday exclusive and omitted/downplayed elsewhere. It was the title here!
http://namawinelake.wordpress.com/2012/08/12/us-court-refuses-to-grant-interim-judgement-to-nama-against-sean-dunne/
Getting court information in the US is a nightmare outside of New York state, so if you get your hands on the interim judgment (if such a thing exists in writing), would be grateful for it. Presumably NAMA failed to adequately show either an imminent danger of the Dunnes dispersing the income/assets or they failed to show their entitlement to the income/assets (in other words Gayle or the lawyers acting in trust had decent arguments).
@NWL no interim judgement,just an order, but lots fun other stuff!
Try get it out this evening,but realistically tomorrow,it’s complicated getting copies etc.
@NWL considering the hours of enjoyment I have gotten from reading this blog and the invaluable public service provided,least I can do.They have to be photocopied by the clerk and picked up in person,in Stanford,will organize it today.
Can scan and “Dropbox” everything,the NAMA pleadings over 200 pages alone,check your email later,it’s first thing here,realistically later today or tomorrow.
Excellent,exclusive reporting by the Mail,considering you scooped them on the sale,almost as if they were provided with NAMA’s pleadings,now there is no way they would do that right!
Nice little distraction for NAMA from its own closer to home ehm “housing” issues,WSTT must be enjoying this.
Reblogged this on Machholz's Blog and commented:
And the story goes on and on .So much for Quinn being turfed on to the dole by NAMA ! I don’t know anybody in my circles who has a mansion like this and is on the doel do you???
@Machholz. His name is Dunne. Quinn is the other scapegoat. Who said he was on the dole? As far as I know, he doesn’t live in this house. He lives in an expensive rental nearby. Like the local garage owner this house is the equivalent of “stock in trade”. Your local garage owner does not drive every Mercedes or BMW in his showroom. They are there for sale in the course of his business. (Or her’s – in the case of the fragrant Gail Killilea)
With apologies to that luscious lady developer – Gayle (not Gail)
Update live from Stanford,Ct.
The court system is archaic,they don’t take credit cards nor can you simply order the file to be copied and send a courier,cash or certified check in advance then they make copies.But everything is available to read/review in person.
Popped up today,the file is 330 pages due to vacations,sick days etc, the clerk estimates it will be copied by tomorrow,earliest.Its a great read,not trying to be a tease will forward it ASAP.
The third property is identified as 22 Stillman Lane-prelim info. linked.
http://www.zillow.com/homedetails/22-Stillman-Ln-Greenwich-CT-06831/59301082_zpid/