| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Property Last Updated: Apr 15, 2011 - 9:01 AM


NAMA appoints receiver to recover debts from ex-tax inspector/ex-billionaire Derek Quinlan and family members
By Finfacts Team
Apr 14, 2011 - 2:56 PM

Email this article
 Printer friendly page
In 2004 Derek Quinlan bought the Savoy Hotel group in London for €1.1bn, outbidding Saudi prince Al-Waleed bin Talal. Quinlan subsequently sold the Savoy to Al-Waleed at a profit and was part of groups that had invested in the Connaught, Berkeley and Claridge’s hotels.

The National Asset Management Agency [NAMA] has appointed Statutory Receivers to take charge of a number of properties owned personally by former tax inspector  and ex-billionaire Derek Quinlan and members of his immediate family on foot of the debtors’ failure to present and agree an appropriate Business Plan for the repayment of loans owed to the agency.

Paul McDowell of Knight Frank Ireland has been appointed by NAMA as the Statutory Receiver.

A spokesman for NAMA warned that other debtors of the agency could face similar action: “
If debtors are unrealistic or uncooperative in their dealings with NAMA, we won’t hesitate to appoint receivers to protect the taxpayer’s interests.”

On Tuesday, The Irish Times reported that NAMA had forced Quinlan to put a high-profile London property on the market to clear a €300m debt that he owes to the taxpayer.

Quinlan and his co-investor, Glenn Maud, had put the Citigroup centre in Canary Wharf in east London, one of the tallest skyscrapers in Britain, on the market with a €1.1bn price tag.

The pair bought the building from Royal Bank of Scotland for €1.48bn in July 2007, weeks before the onset of the global credit crunch.

The international property investor was reported to have quit Ireland with his family to take up permanent residence in Switzerland in 2009.

Quinlan was believed to owe as much as €1.5bn to Irish banks, much of it to Anglo Irish Bank.

The Sunday Times reported in 2009 that Quinlan had put a New York townhouse which he bought for €19.8m in 2005 on the market for €28.3m. The 13,000sq ft property is on 20 East 64th Street, where neighbours once included Bernard Madoff, the disgraced banker.

He was also selling offices on the same street which he bought for €14m in 2005. The asking price for the 10,000sq ft building, which came on the market in Oct 2008 for €27.3m, had been reduced to €19.8m.

In Dublin he was selling 1 Elgin Road in Ballsbridge, which reduced from €7.5m to €5.5m, and in Miami he was seeking buyers for a plot of land in Malibu, next to a site owned by U2’s the Edge. He also owned a lavish retreat in Cap Ferrat, France, valued at €75m and two houses on Shrewsbury Road in Dublin which he bought for €27m in 2006.

Quinlan was one of the most prominent figures to emerge during the Irish property boom, leading syndicates of wealthy investors, including Riverdance duo Moya Doherty and John McColgan, in a number of deals.

In March 2010, the remaining directors of property investment firm Quinlan Private set up a new real estate business under the name Avestus Capital Partners. The move followed the resignation of founding partner Derek Quinlan from the company in 2009.

Related Articles
Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

Property
Latest Headlines
Irish residential rents rise 9% as students face tight market conditions
Irish construction activity growth eased in July
Irish residential property prices fell in Dublin in June
Irish mortgage approvals growth fell sharply in April 2015
Irish land prices among highest in world; Noonan tax cut boosts Dublin prices
AIB cuts Irish variable mortgage rates
Dublin residential property prices rose by 1.1% in March
Global property bubble: Dublin tops 2014 global returns at 44.7%
New Irish housing units in 2015 forecast at only 10,000
Ireland: Dublin house prices up 21% in year to February 2015 after price decline in month
Prime office rents in Dublin to rise by up to 31% in 2015 after 29% surge in 2014
Irish mortgages paid in 2014 at 1976 level; Half of house sales paid in cash
Irish residential property prices fell 1.4% nationwide in January
Irish House Rents: Supply tightens in Dublin's commuter counties in Q 42014
Irish commercial property returns in 2014 among highest in world
Irish Housing: "Unique" demographics to boost demand; Shortages to rise
Irish mortgage approvals in 2014 at 36-year low; Exceed paid loans
Irish commercial property investment in 2014 was 25% above bubble peak in 2006
Irish construction continues to rise from very low base
Irish house asking prices fell back slightly in fourth quarter of 2014
Price/Earnings multiple for Dublin houses is double 1993 level
Residential property rents up almost 10% in Dublin in past year
Irish Government and vested interests lobby for easing of Central Bank's mortgage rules
Ireland tops global property price rankings six years after bust
Number of Irish mortgages paid in 2014 at 1974/75 level - a 40 year-low
Irish construction PMI survey confidence measure highest since 2000
Irish mortgage arrears decline; 38,463 BTL accounts in arrears
Irish Housing: Renting provides less security than ownership, unpredictable rents
Ireland: NAMA to redeem €1bn of senior bonds; Fund Boland’s Mill site development
Ireland: 35,000 social housing units by 2020 achievable; Rental market possibly not
Dublin house prices up 24.1% in year to October 2014
Irish home ownership to fall due to affordability
'Tara Collection' of office buildings on sale in Dublin for €263.8m
Irish Housing Rents 2014: Dublin just 10% short of 2007 bubble peak
Irish Economy: Residential mortgage approvals in 2014 as low as in 1977
Irish Construction: Fastest rise in new business for decade - not level of activity
Biggest US individual landowner responds to tax breaks in Ireland and UK
Irish commercial property annual return to September 2014 at 36.6% - income at global high
NAMA expects surplus of less than €500m - it's not a profit; 88.5% sales to US investors
NAMA selling 588 Dublin apartments - name withheld in announcement