One of Ireland’s best known developers, Niall Mellon, has been forced to move out of his Dublin mansion to help him stay afloat.
Mellon is known for his extensive charitable works, including building thousands of homes for poor people in South Africa but now is in trouble himself.
He told the Sunday Independent: "I've spent the last 10 years providing houses for the poor, so I know that size is not important when it comes to a home."
"I've been in the spotlight building houses for the poor and because of that I'm particularly conscious of the image I'm putting out there living in a house on five acres in Mount Merrion.
"In my own case, when I could afford to buy a big house I enjoyed living in it but things have changed. If I wanted to, I could probably hang on to it.” he told the Sunday Independent.
"But I feel in the current climate -- with so many people hurting -- that if Ireland has to have a chance of staying united in fighting this recession, it's important for all people in society to be seen to take some of the pain and make some sacrifices."
He recently transferred his property assets into NAMA, the government agency set up to disperse and sell off all bad housing deals.
"We intend to move out of our Dublin home this side of Christmas with a view to renting it out and letting that pay for the mortgage.
"If this house can be developed and property value can be added, that will generate more money for Nama, then I'm happy to move out and obtain every cent we can get to adjust our Nama debt.
"It's important to my wife and me to do everything we can to pay our bills."
"I'd encourage anyone who is financially challenged to focus on what's really important when the chips are down."
Speaking if his South African charity Mellon said.
"Every active business person has been affected in this recession. We're all financially challenged at the moment. But no matter what happens, I intend to steer the charity safely through the recession."
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