“He’s just so out of character with Belle Haven” the Independent reports one of Sean Dunne’s new neighbours in the well-heeled enclave of Belle Haven in Stamford/Greenwich, Connecticut, as saying about the recently arrived Irishman. The former Baron of Ballsbridge who engineered a string of high-profile property deals in that upmarket district of Dublin in the 2000s has decamped from Ireland it seems and taken up residence on the north-east coast of the USA. Aside from renting a landmark mansion which was on the market at USD $17,500 per month, it is reported that Sean is involved in the partial demolition and renovation of another property close-by to their rented pile (it should be said that Sean appears to have strongly denied owning the property at 38 Bush Avenue, Belle Haven, Stamford, Connecticut CT 06830, though there are suggestions that other family members might in fact be the beneficial owners). Sean seems to have fallen out with some of the neighbours by creating a noise nuisance with the renovation of 38 Bush Avenue and indeed it seems that work on the home has been halted as it may have exceeded the permit granted. Sean also seems to have spoken in strong terms with some of the neighbours steadfastly denying that he is the owner of No 38. They are not enamoured with him.
Although there was speculation earlier this year about whether Sean would be absorbed into NAMA, it now seems clear that at least some of his loans are NAMA-bound. And NAMA seems to be taking a tough line with developers and in particular any transfers of assets to family members over the past five years – be they spouses, children or extended family. It seems that NAMA is approaching these transfers from the perspective that they were all intended to deprive the banks and now NAMA of outstanding debts, unless the contrary can be proved – Napoleonic law indeed where you are guilty until proven innocent. Sean’s wife of course is who the US press is describing as a former gossip columnist, Gayle Killilea Dunne. Lawyers acting for Gayle said in a statement seen by Ireland’s Evening Herald last week that Gayle and the Dunne children (including Steven who is reported to be working on the partly-demolished house on 38 Bush Avenue, Gayle has three children with Sean, all under six – Harrison, Ryan Emmet and Bobby Luke) are entitled to a private life and would take action against any media outlet that breached that. The Daily Mail says that 38 Bush Avenue is in fact registered in the name of “Philip H Teplen, Trustee”, “a prominent New York immigration lawyer”. Meanwhile the local newspaper in Greenwich, Greenwich Time, has been doing its own digging and has some fine photographs of Sean including this one where he is seemingly being doorstepped with his silver Lexus SUV. There is an accompanying article (subscription required) though the Independent report the bones of it today.
Former developers decamping and setting up home in another jurisdiction is nothing new – Derek Quinlan resides in Epalinges near Lausanne in Switzerland, and Jim Kennedy in the Isle of Man. Famously former Anglo CEO David Drumm settled in Massachusetts having been apparently advised by former Anglo Chairman Donal O’Connor to avoid the “blame culture” in Ireland and Britain. NAMA is taking over performing and non-performing loans and I have not seen any suggestion that Sean Dunne’s loans are not performing. And given the short to medium term outlook for the Irish economy you could hardly blame a high-achieving developer like Sean, now aged 56, seeking opportunities elsewhere though he seems to have been at pains to deny that he owned any property in the US. Still, it’s reassuring to know that if anyone does need formally get in touch with Sean we know where he is – and the neighbours would seem very helpful in providing directions.
UPDATE: 4th January, 2011. It seems the Dunnes are fitting in right at home with America’s litigation culture – the Greenwich Citizen reports that 36-year old Gayle Killilea Dunne is suing New York attorney Philip Teplen for the return of USD $500,000 which was apparently destined for a specific real estate investment in Chicago. The paper also claims that Sean’s US vehicle, Mountbrook USA, shows 38 Bush Place as his home address, this despite robust denials that Sean owned the property which is being substantially renovated. The Dunnes could do with a positive news story as they seem to be developing an image as the charmless version of the Beverly Hillbillies.
UPDATE: 6th January, 2011. The court documents in Gayle’s case against her former lawyer have been made available online here (you need enter the security code on the right hand side of the screen to access the documents – the proposed order to show cause – item 5 – is probably the most interesting document as it contains the chain of emails between Gayle and her lawyer)
UPDATE: 26th January, 2011. Reports from Dublin that one of Sean Dunne’s Irish companies faces the prospect of being struck off. According to the Irish Independent, Mountbrook Homes which is an unlimited entity may be struck off for either failure to deliver filings to the Companies Registration Office or the Revenue Commissioners (tax) or both. A potential consequence of a striking-off is the disqualification of directors from holding office.
UPDATE: 25th February, 2011. The Irish Times reports that the local planning authority which is dealing with development plans for 38 Bush Avenue has deferred making any decision on the development where work stopped last October amidst concerns over the extent of the works being undertaken. The newspaper also reports that locals are considering suing the Dunnes (Sean Dunne has denied owning the property at 38 Bush Avenue which is now registered in the name of Thomas Heagney in trust for undisclosed parties) though the grounds for any legal action are not detailed. The Connecticut Post has a photo of 38 Bush Avenue taken in December 2010.
UPDATE: 4th March, 2011. “Flee” is one of the Irish Independent’s favourite verbs – David Drumm “fled” to the US in 2009 for example and now Sean Dunne and family are said to have “fled” their rented home in Belle Haven amidst continuing ructions with the neighbours over the redevelopment of 38 Bush Avenue (recent photo here – the Independent is reporting today that the Dunnes are not allowed weather-proof the house and looking at the photo, that’s not going to help exposed works and wooden frames). The Dunnes’ vacated mansion was on the rental market for USD 17,500 per month and is now for sale at USD 8m indicating a 2.6% yield and more probably a short term rental and it might just be that the Dunnes had taken a short term rental. The Dunnes’ new home is not yet known but there are suggestions they were looking at properties in Stanwich, Connecticut (about 10 miles north of the house at Bush Avenue in Belle Haven,Stamford nr Greenwich)
UPDATE: 14th March, 2011. There is speculation in Ireland’s Sunday Times (not available online but referred to in online Irish news outlet thejournal.ie) that NAMA is about to place Sean Dunne companies into receivership. It is reported that he owes NAMA €350m. It was previously understood that he had large lending exposures to non-NAMA banks including Ulster Bank.
UPDATE: 15th March, 2011. Two AIB divisions, corporate banking and global treasury services are reporting that Sean Dunne is refuting the claims in the Sunday Times. “In relation to the article in the Irish Edition of The Sunday Times by Tom Lyons headlined ‘Nama to seize Dunne’s assets’, Mr. Dunne said he can confirm, following clarification with Nama, that there is no basis in fact to this story and that the story is completely untrue” his spokesman is reported as saying. With Sean’s main business Mountbrook being silent on the recent news, we can but rely to AIB whose caveats about the accurateness of using external news sources are emphasised.
UPDATE: 11th April, 2011. Although Sean Dunne and family may have moved from their former rental property in Belle Haven, it seems that Sean and wife are keeping a close eye on developments at 38 Bush Avenue and were videoed leaving the site last week by a reporter from “Greenwich Time“, the local newspaper. Sean and wife, Gayle are seen leaving the property where work is plainly in full swing to develop the 6,000 sq ft residence. They are accompanied by an unidentified Irishman who claimed to be “just a worker”. The video seems to show Sean telling the reported that he is trespassing to which the reporter responds that he has permission from neighbours to film. Sean and Gayle are then seen driving away in a silver Lexus. The newspaper reports that work recently commenced on the site at 38 Bush Avenue after the city zoning board lifted a restraint and the building will now be developed according to the approved plans. I must say that the local newspaper seems to be going to some lengths to keep track of a recent arrival and the development of a home which doesn’t seem out of keeping with other homes on the same street. Sean Dunne is reported to have claimed that he is not the owner of 38 Bush Avenue. His wife’s solicitors have issued statements to the media which state that Gayle does not have loans in NAMA and that she would like her privacy respected. The video is presently available with the article in the Greenwich Time, here or you can watch it directly at youtube, here.
UPDATE: 18th April, 2011. The Irish Independent today reports of a possible new property in the Dunne portfolio. The property 42 Bote Road, Stanwich, Connecticut, CT 06830 is said to be registered in the name of a trust operated by Greenwich property lawyer Thomas J Heagney, who is also connected to the ownership in trust of 38 Bush Avenue. The newspaper implies that it is the Dunnes who are behind the purchase and redevelopment of 42 Bote Road, the redevelopment is said to involve tripling the size of the property so as to provide 5.676 sq ft of accommodation. The property was reported purchased for USD $825,000 in January, 2011.
UPDATE: 24th April, 2011. It seems that there is a truce between the Dunnes and most of the neighbours at 38 Bush Avenue and that development of the property will proceed with some modifications to previous plans eg retention of an old tree and softening roof angles.
UPDATE: 18th May, 2011. RTE’s Prime Time current affairs programme last night reported on the lives and times of Sean and fellow Wild Goose, David Drumm. Interestingly the RTE’s Washington correspondent, Richard Downes , referred to “two properties absolutely 100% confirmed, as far as we know, that they are owned by the Dunnes”. We also heard the claim that Sean owes NAMA €350m and is associated with three US companies, Mountbrook USA, Barclay Beattie and Brown and Molly Blossom. The tenor of the reporting on the Dunnes was quite hostile and merging Sean’s profile with what the newspapers here refer to as “disgraced banker” David Drumm’s was perhaps cynical.
NAMA Wine Lake 