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.