#Open journalism No news is bad news

Your contributions will help us continue to deliver the stories that are important to you

Support The Journal
Dublin: 1°C Thursday 6 May 2021

Bankrupt developer Sean Dunne reveals liabilities of €718 million

The bankruptcy filing also reveals that he has an average monthly income of €17,000 per month.

Image: Graham Hughes/Photocall Ireland

FORMER PROPERTY DEVELOPER Sean Dunne says he owes €718 million ($942 million) and only has assets of €42 million ($55 million).

It comes as he filed his statement of assets and liabilities under bankruptcy laws in the United States.

Dunne’s main creditors are Ulster Bank, NAMA, Certus, which is managing the wind down of Bank of Scotland, and O’Flynn Construction based in Co Cork.

The bankruptcy filing also reveals that he has an average monthly income of €17,000 per month, €6,352 of which comes from Mountbrook USA, a company owned by his wife Gayle Killilea, where he works as a project manager. The other €10,421 comes from ‘incomes on real property’.

Mountbrook USA

He listed his monthly expenses at around €16,600, which includes €2,744 on rent for his home in Connecticut, €76 on cable TV/internet/garbage, €457 on clothing, a further €457 on food, €813 on life insurance and €381 on recreation.

The filing also shows that Dunne’s other assets also includes a watch, wedding band and cuff links valued at €5,717; €7,623 worth of furniture at his home in Shrewsbury Road; and golf clubs and skiing equipment worth €762.

The developer made headlines after spending hundreds of millions of euro for the Jury’s site in Dublin at the height of the economic boom.

US bankruptcy law dictates that debtors who have not committed fraud are honest with the court, they can expect a discharge of debts within a year or so, compared to the 12 year process involved had he filed for bankruptcy here.

Dunne, his wife,a former gossip columnist, and their three children aged 3, 6 and 8-years-old moved to Greenwich, Connecticut around three years ago.

Read: Sean Dunne declares bankruptcy in US>

More: NAMA appoints receiver to some properties owned by Sean Dunne>

Read next: