THE PROPERTY developer Bernard McNamara has said he is “broke” and that his property investment businesses have debts of in the region of €1.5 billion.
His comments came after the Commercial Court issued a personal judgment for €62.5 million against him and in favour of investors who put money into the purchase of the Irish Glass Bottle site in Ringsend, Dublin, in 2006.
The court has been told Mr McNamara is not able to pay the investors.
Following the judgment, a media statement was issued on his behalf saying he was resigning as executive chairman of Michael McNamara Co Ltd, the building firm founded by his father in 1948.
“Michael McNamara Co is a legally separate and profitable entity from him and from his property development activities and therefore unaffected by today’s judgment.”
Later, in a lengthy interview on RTÉ radio's Drivetimeprogramme, Mr McNamara said the building firm was "ringfenced" from his other businesses.
He said it was “possible, probable”, that he would have to sell the lavish family home on Dublin’s Ailesbury Road that he built 10 years ago.
Asked about reports some years ago that he was worth €320 million to €330 million, he said: “I was being told I was worth that by all these valuation experts and chartered accountants.” He said financial institutions used to seek out people like him during the boom years saying “we’ll give you the money. Would you like to do this, or that, or whatever the case might be?”