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Property developer Sean Dunne to exit Ireland for US as bank takes empire

By
DARA KELLY,
IrishCentral Staff Writer
Published Monday, January 16, 2012, 8:24 AM
Updated Monday, January 16, 2012, 1:43 PM

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Sean Dunne
Sean Dunne
Photo by Google Images


Dublin developer Sean Dunne has stated that his dreams of building an extravagant shopping and residential complex in an exclusive part of Dublin are over.

Dunne, according to the Independent, has reached “an advanced stage in agreeing an exit strategy that is consensual with the syndicate of banks.”

The syndicate of banks in question lent Dunne €379m for the former Jury hotels site which he wanted to turn into a Fifth Avenue type center on the seven acre site in Dublin’s exclusive Ballsbridge area.

However soon after purchasing the site for a record amount the building boom collapsed and Dunne had difficulty getting planning permission.

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When asked how his relations with the banks who lent him the massive amount now that he was leaving the project behind, he said:

"In the strange times we're now living in, it's very important to maintain good relations with your banks. The syndicate has been very supportive of me."

The Carlow native now calls Belle Haven in Connecticut home and will move on with his life stateside.

He has commenced a career as a devloper in America and operates hsi own business over here.

Dunne will also give up his ownership of the D4 hotel group which he ran successfully after his bid to build the center failed.

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2 Comments

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IrelandNorth | Jan 18, 2012, 06:14 AM EST
What needs to be ascertained is the precise nature of the relationship between successive Irish givernments and the private banking sector. Still waiting for that report on Anglo Irish Bank/Irish Bank Resolution Corporation. It seems that Ireland is also the best democracy money can buy.

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bimjimmy | Jan 17, 2012, 10:51 AM EST
So that's where he slipped the "spare" millions so he could declare bankruptcy in Ireland... maybe he will do the same in the US and "slip away" more millions again to Argentina or Brazil.

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