RTE is this evening reporting that NAMA has appointed Grant Thornton’s Paul McCann as property receiver to several properties owned by NAMA Top 20 developer Sean Dunne. The properties named include Hume House in Ballsbrige “the most expensive plot of land in the State” and RTE News reported properties in Sandyford and Mt Herbert are also affected though this needs to be confirmed. The D4 Hotel is not affected as it was subject to loans from non-NAMA banks.
It was in late March 2011 whenIreland’s Sunday Times (not available online) published an article linking the appointment of receivers by NAMA with Sean’s companies, but that story was rejected by Sean’s spokesperson at the time.
There is an extensive entry on here tracking the progress of the Dunnes as they carve out a new life in north west United States. Sean is also presently “a main player” in a nasty little legal action involving a cleaner inDublin.
Remember there is a spreadsheet of all companies and individuals here against whom NAMA has taken enforcement action.
UPDATE: 23rd July, 2011. There’s considerable reporting today on NAMA’s appointment of a property receiver to some of Sean Dunne’s Irish properties (here and here and here and here and here). Here’s the digest
€350m reportedly owing by Sean Dunne’s DCD group to Irish Nationwide Building Society and Bank of Ireland, now transferred to NAMA
Apparently extensive, for example €40m reported in latest DCD group accounts (UPDATE: 25th July, 2011. Richard Curran in the Sunday Business Post, without citing sources, claims that Sean has given personal guarantees totalling €150m)
Hume House, Ballsbridge
Riverside complex, Sir John Rogerson’s Quay
67 Merrion Square, (DCD Headquarters)
an office block onHerbert Street
the Hollybrook apartments onBrighton Road, Foxrock, southDublin
development sites in North Wall Quay (adjacent to unfinished Anglo HQ), and at Sandymount (Dublin4) and Rathfarnham (Dublin14)
What’s out (or named as out, the list may not be exhaustive)
D4 Hotels in Ballsbridge
four blocks at the front of AIB Bankcentre, Ballsbridge
Publicly calm, he’ll work with NAMA, the personal guarantees are a worry, he’s surprised at the NAMA move as he claims that relations with NAMA were good in terms of his plans, he’s not legally challenging the move “At the end of the day it’s only money”. Publicly calm.