David FitzPatrick, the son of disgraced former Anglo Irish Bank boss, has sold his penthouse Manhattan apartment for $951,000.
In 2008, a day after the last government’s bank guarantee, FitzPatrick bought the apartment in New York’s East Village for $1.265 million. He sold it on 16th March this year at a loss.
The Irish Independent reports that the proceeds are being used to pay back borrowing from Anglo Irish Bank, now called the Irish Bank Resolution Corporation (IBRC).
FitzPatrick (31) used the property as collateral to borrow $50,000 from Anglo – “drawing from an €87m secret loan facility the FitzPatrick family had with the failed bank."
The New York Land Registry shows that he was afforded a $1.257 million line in credit by Anglo.
FitzPatrick was employed at the New York office of Anglo. Staff told the Irish Independent he has not worked there for two years
He is currently renting an apartment with views of the Statue of Liberty, in Battery Park. The apartment in the Ocean Luxury Residences sales blurb states “the moment you enter, you're transported to a 14th Century Venetian Palace."
The pent house apartment was sold just weeks before his marriage to Barbara Clear at the K Club in Kildare, Ireland.