Dunne discloses liabilities of €719 million in statements to US court
Assets of $55m outlined to court with properties owned in Ireland worth $40.8m
Bankrupt property developer Sean Dunne has disclosed liabilities of $942 million (€719 million) and assets of $55 million in statements submitted to the US court where he filed for bankruptcy.
In court records filed in Connecticut yesterday Mr Dunne lists property he owned personally worth $40.8 million in Dublin city centre as well as properties in Foxrock, Ballsbridge, Rathfarnham and Ballymun.
There are also properties listed in Newbridge and Kilcock, Co Kildare and at Greystones in Co Wicklow. His former home on Shrewsbury Road in Dublin is valued at $9.6 million. Among his personal assets are two season rugby tickets at the Millennium Stadium in Cardiff running to 2024 valued at $5,000 and another two tickets at Twickenham in England which lapse next year valued at $1,439. Mr Dunne lists furnishings worth $10,000 at his former home, number 20A Shrewsbury Road, clothing worth $9,000, a watch, wedding band and cuff links at $7,500 and golf clubs, skis and ski books at $1,000. He also owns books, pictures and sporting memorabilia worth $1,000.
Amounts due to creditors against his personally-owned properties total $744 million; the bulk of which, more than $580 million, is owing on sites in the Dublin docklands and in Kilcock in which the National Asset Management Agency has an interest.
Mr Dunne filed for bankruptcy in the US, where he now lives, on March 29th after Ulster Bank initiated bankruptcy proceedings against him in the Irish courts over a debt of €164 million.
One of the country’s most prolific developers during the Irish property bubble years, Mr Dunne says in documents extensively revealing his finances that he earns $8,333 a month working as a project manager for Mountbrook USA, a company of which his wife, Gayle Killilea, is listed as the owner.
He earns a further $13,600 a month from income on property bringing his average monthly income to $22,000, he reveals in the new court filings.
His average monthly outgoings amount to $21,800, which includes $600 for food, $600 for clothing and $500 for recreation purposes. Payments on mortgage interest amount to $13,670 a month, while he pays rent of $3,600 a month for his home in Connecticut.
Among personal assets worth $14.4 million in the court filings Mr Dunne is a $1 million self-administered pension fund that he kept at his company, DCD Builders.
He also lists a 50 per cent in a road in Newbridge, Co Kildare that was built in lieu of levies paid to Kildare County Council for the Whitewater Shopping Centre. Mr Dunne values this interest at $11.8 million. He lists another $1.3 million in overpaid development levies to Wicklow County Council.
The total liabilities include personal guarantees that Mr Dunne gave over the borrowings of his companies and about $210 million that he loaned his companies but the list of assets do not include properties owned by his properties.
Also included in Mr Dunne’s assets is his share of the estate of his late father Thomas Dunne, worth $11,975. He inherited a 25 per cent share in the family home in Tullow, Co Carlow.
Mr Dunne’s main creditors are Nama who took over his bank loans with Bank of Ireland and Irish Nationwide Building Society; Ulster Bank; Certus, which is managing the wind down of Bank of Scotland (Ireland); and Cork building company O’Flynn Construction.