Downfall of a Celtic Tiger king is revealed

Derek Quinlan was the embodiment of the Celtic Tiger in many ways.

 

A former tax inspector, he parlayed his knowledge of Irish tax laws into a massive fortune in real estate, which at its height stretched across two continents. Many of the great and the good clamored to be part of Quinlan's investment group.

 

He owned prestige properties in London, New York, Spain and Ireland and hung out with U2 and other celebrities.

 

All in all he owned or part owned 50 major properties at the height of the boom.

 

Quinlan Private became synonymous with the Celtic Tiger and his Midas touch was the envy of many.

 

Now the Irish Times revealed on Friday that the Midas touch has well and truly deserted him. He is in hock for about $800 million the newspaper estimated.

 

The newspaper also revealed his trophy mansion on Shrewsbury Road, Dublin's toniest address is is for sale for about $10 million , on a street where similar mansions were selling for $70 million just four years ago.

 

Meanwhile, Quinlan is now living in Switizerland in rented accomodation desperately trying to pay off his debts for his collapsed property empire.

 

"Not so shrewd on Shrewsbury Road" was the Irish Times headline.

 

Quinlan has two other houses on  the exclusive  strip that he will, no doubt, be unloading also.

 

And Dublin’s most prestigious address is suddenly looking as bust as the Celtic Tiger.

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