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.
15 Comments
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Switch to the desktop site to post a comment.Seamus Foskin | Feb 02, 2013, 07:49 PM EST
broke lol living in a 14,700 sq.ft mansion the saga continues its is better then some of the soap operas on tv. i honestly dont know who is right or wrong at this stage
Happyhippo | Jan 30, 2013, 04:58 PM EST
I have absolutely nothing against the Quinn family as such,but they are just a bit too clever for their own good,they were found to have transferred assets out of state valued at $600 million which ended up in Russia and Ukraine,only last week in the ongoing investigation in court into one of the Quinn daughters withdrawal of $500000 in a 12 month period from her account,could not produce a single reciept she said was for payments to the Quinn lawyers,these people still owe $3 billion and its estimated they have $1 billion tied up in property and offshore accounts all over the world which are untouchable to the tax revenue,they really are too clever for their own good.
barnie4001 | Dec 05, 2012, 07:42 AM EST
like all the rest of the bankers,builders,speculators,building societiesetc the all got away with money laundering
Bailey2000 | Aug 27, 2012, 10:02 AM EDT
He has hidden 500 Million in assets. And why anyone thinks that a man who raided the reserves of his own insurance company to speculate on the market was"doing fine" I don't know. If he doesn't find a way to reappear the assets he really should go to jail for the same length of time as Mr Madoff.
angrypaddy | Aug 27, 2012, 01:17 AM EDT
That Cavan SHYSTER still has his First Communion money in a smelly sock under the bed Jail the rat !!
irishpjk | Aug 26, 2012, 10:03 PM EDT
wtf That’s how the government helps you. Quinn was doing fine but they stepped in and drove his business under.
Gypsies | Aug 26, 2012, 04:13 PM EDT
My heart bleeds for him NOT! He should have been thrown in jail with his son.. He has millions hidden around the planet. I bet you won't see his wife wearing clothes from Dunnes, or driving a banger to and from Lidl for the weekly budget food shop..
trigger | Aug 26, 2012, 04:07 PM EDT
Patrick Counihan, what age are you? 10? if you believe that sh1t you will believe anything.
Portia777 | Aug 26, 2012, 01:21 PM EDT
he should have listened then re the Sidhe. he was told after all, but greed got him.
EamonnDublin | Aug 26, 2012, 11:40 AM EDT
Is this supposed to be serious journalism? Is the author having a tasteless laugh, or is he particularly stupid? Has the author got NO idea about what he purports to be discussing factually? Come on, Irish Central: surely you can do better than this abject codology! Éamonn, Dublin, Ireland.
Mohawker | Aug 26, 2012, 11:24 AM EDT
Sounds like some kind of dumb ass , frankly speaking . Good luck and use a shiny tin can on the corner .
TisEyerish | Aug 26, 2012, 09:45 AM EDT
You can bet his assets are hidden somewhere else in the world. This guy is a piece of garbage. Just as an aside...I wish I had an income of $1,300 a month...maybe I could eat more than one meal a day or feel free to drive my car when I wanted to, rather than having to worry about where I'll get money to replace the gas I used. Perhaps I'd even be able to buy a new blouse or shoes on occasion...just a few of the little freedoms I lost when I lost my job and could not find another at age 62.
thetint | Aug 26, 2012, 08:24 AM EDT
Two judges have described Quinn as untruthful and it will not be long before he joins his son in jail for removing the property of others from recovery. A highly unpleasent man.
citizen69 | Aug 26, 2012, 08:18 AM EDT
bullsh*t, he has millions embezzled around Europe.
billie061 | Aug 26, 2012, 08:03 AM EDT
My heart bleeds for you Mr. Quinn NOT, when my modest home burnt down 4 years ago only a mere 10,000 sq ft smaller than yours your co made my life hell. So Mr. Quinn why dont you sell your modest house and pay your debts???????????? B.t.w. I am still re-building my home after your cowboy co and builders 4 yrs on.