Quinlan packs his bags for pastures new
Leaving behind a portfolio of property that once glittered, but is now tarnished
DEREK Quinlan said goodbye to Ireland and headed for Switzerland. In July, the high-flying former taxman-turned-developer shocked the property sector by resigning from Quinlan Private, his personal company.
Quinlan first came to public attention in 2004 when he bought the Savoy Hotel group in London for €1.1bn, leading an elite group of Irish investors into the property abyss. Other ventures abroad included the Four Seasons in Budapest, Santander in Madrid and Canary Wharf in London. He simultaneously managed to buy houses in Manhattan and property around New York.
Quinlan's sudden departure overseas with his wife and children in tow coincided with the news that he was trying to sell properties in New York, Miami and elsewhere. He owns a luxury retreat in France's fashionable Cap Ferrat. In Dublin, his property interests include two houses on Shrewsbury Road -- the snootiest address in Dublin 4. He also owned another mansion a stone's throw away in Ballsbridge's Elgin Road -- which he put on the market.
The value of his Irish portfolio has tanked.