He was once Ireland’s wealthiest man – now bust billionaire has just $350 in cash
Sean Quinn tells court he is relying on charity from his family to stay afloat
Bankrupt billionaire Sean Quinn has admitted he is down to his last $350 after losing control of an empire once worth almost $5 billion.
The troubled Fermanagh businessman has made the admission as he fights to stay out of jail for contempt of court in his battle with the former Anglo Irish Bank.
Quinn has applied for bankruptcy to a Dublin court as he continues to fight banks desperate to reclaim billions from the fallen idol of the Celtic Tiger era.
Just four years ago Quinn’s wealth was valued at $5 billion but he has told the Dublin bankruptcy court that he is now surviving on the charity of his family.
The Irish Mail on Sunday reports that Quinn’s application for bankruptcy claims his current income is just $1300 per month.
The report says that he also claims the only other assets to which he can lay claim are a half-share in three cars, 50 percent of a small forestry plot and two pension funds worth a combined $260,000.
The paper says Quinn declares no ownership of any property or of any valuable jewellery, electronics or antiques in his statement to the court.
He only says that his income falls well short of his $3,500 monthly out-goings which are not broken down.
Quinn does admit that he receives a monthly top-up from unnamed family members of $2,000 per month.
The paper says that Quinn’s sworn statement paints a picture of a man living in penury, unable to meet his bills and surviving only on the goodness of his loved ones.
But the Irish Mail on Sunday highlights that the bankruptcy declaration does not reflect the fact that Quinn and his wife Patricia still live in a 14,700 sq.ft mansion that boasts an indoor golf simulator, a putting green overlooking a 15m swimming pool, a sunken hot tub, a Jacuzzi pool, a cinema and a snooker room.
The report adds that Quinn continues to enjoy the luxurious property, which contains seven en-suite bedrooms, a luxurious leisure area and an exercise mezzanine overlooking the pool.
It says the house also boasts its own bar, a grand piano, a library, a lift, a built-in dog house, balconies and a large deck overlooking Lough Aghavoher in Cavan as well as a nine-car garage.
Quinn lists a half-share in three vehicles worth a combined $100,000 including a Cavan-registered Mercedes Benz S600, a Northern Ireland registered Mercedes SCL600 and a Northern Ireland Range Rover.
Quinn had previously failed in a bid to be declared bankrupt in Belfast last November when he claimed to have $13,000 in his bank accounts.
Now he says he is down to his last $350.
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