Thursday 18 December 2014

McKillen gave son deeds to mansion

Hollywood Hills house is now on market for $45m

Vinnie O'Dowd

Published 11/11/2012 | 05:00

A MANSION up for sale for $45m in the Hollywood Hills appears to have been given by developer Paddy McKillen to his 26-year-old son, Dean McKillen, only last year.



Documents dated May 3, 2011 at the Official Records Recorder's Office in Los Angeles County show that Paddy McKillen, the developer who owes the IBRC hundreds of millions -- all performing -- transferred the deeds to 1423 Oriel Drive "for no consideration" to Bird Street Estate LLC.

The ownership of this company is unclear but a family spokesperson said the house is owned by Dean McKillen.

"No Irish bank has or had any interest in this property and it has no relevance whatsoever to Nama, IBRC or the Irish State," his spokeswoman said.

Documents show that Paddy McKillen bought the house from the estate of deceased Hollywood star Ricardo Montalban in November 2010 and signed a 30-year mortgage with Bank of Internet USA for $4.5m. The house was bought for around $9m. The late Mr Montalban was known for his part as a villain in the movies Star Trek and Naked Gun.

The May 2011 'Grant Deed' transfer document shows that McKillen transferred 1423 Oriel Drive five months later for "no consideration" to Bird Street Estate LLC. The house was then invested in by 26-year-old Dean McKillen as part of its complete redevelopment and naming as Oriole Point. It is now on the market for a price tag of $45m.

Dean McKillen imported glass mosaics from China for the property as part of its refurbishment. The ultra high-spec, 18,000 sq ft pad has marble and quartz finished interior and floor-to-ceiling windows that look out on LA and the Pacific ocean.

Californian real estate agent Drew Fenton, who is handling the sale of the house, has taken the property off his website, but told the Sunday Independent that it is yet to be sold.

The innovative McKillen family, who employ hundreds of people in Ireland, plan to open a new nightclub and 52-bedroom boutique hotel in Dublin's Harcourt Street. It is understood that another son, 30-year-old Paddy Jnr, will run the operations.

Paddy McKillen Snr lost a High Court case in London recently in which he claimed Britain's billionaire Barclay brothers had improperly taken control of Coroin, the holding company for three of London's best hotels Claridges, the Berkeley and the Connaught.

McKillen Snr owns a 36 per cent stake in Coroin. He plans to appeal a number of points from the ruling in coming weeks.

Sunday Indo Business

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