After the furore over NAMA’s off-market sales in county Cork and after the off-market purchase of a NAMA debtor’s property by then-NAMA employee Enda Farrell, perhaps we should be pleased that one of NAMA’s properties is in fact being offered for sale on the open market where there might be some reassurance from the transparency of open advertising and tenders. Yet it seems even here there are pitfalls.
A property bought by a consortium led by 68-year old Paddy Kelly (pictured above) in Sarasota, Florida was apparently advertised for sale by a local estate agent – or “realtor” in American. But the realtor did so without the permission of NAMA which now controls the loans originally extended by Anglo. The Herald Tribune newspaper in Florida reports that a realtor called Florida Growth Realty had advertised the property for sale but withdrew the listing when contacted by the Tribune.
The property in Florida (indicated above) is subject to at least one legal action. In September 2011, it was reported that a Florida developer, Mark Famiglio was suing NAMA because he claimed he had an agreement to buy the property. That action appears not to have been resolved yet. It has also now emerged that a company incorporated in the British Virgin Islands called Bussoleno Limited has come on the scene claiming that the Paddy Kelly consortium owes it USD 10m from an unrecorded mortgage on the property, an alleged mortgage which pre-dates the Anglo loan to the consortium.
According to the Tribune, NAMA has retained a realtor called HFF to deal with the property, so it may come on the open market yet.