Friday 20 October 2017

'Property-obsessed' man to list assets

Tim Healy

A MAN with "a frenetic obsession" with acquiring "more and more properties" has been given a week to explain how he will honour a contract to buy a site -- or face possible contempt of court.

John O'Connor, Salzburg, Ardilea, Clonskeagh, Dublin, has an extensive international property portfolio across Ireland, Europe and the US.

Mr Justice Peter Kelly said given Mr O'Connor's "almost bewildering" number of properties it was "astonishing" to expect the court to believe he was unable to comply with court orders to honour a contract of June 2006 with Esso Ireland under which he agreed to buy Tallaght Service Station in Dublin for €5.3m.

The judge said he found it "incredible" that Mr O'Connor, in an earlier statement of his assets, had omitted as an "oversight", a large list of properties.

In reply to the judge, Mr O'Connor said he "totally forgot" he had the properties listed while others were syndicated. He agreed he had annual rental income of some €4.3m but this was being used to manage the properties and service the debts on those and his own personal income was some €90,000 a year.

Arising from his claims of inability to pay, Mr O'Connor was ordered by the court to provide an affidavit by February 5 last with his statement of his assets to the court.

Esso applied to have Mr O'Connor brought before the court for contempt of court orders after Mr O'Connor failed to provide that affidavit.

Mr Justice Kelly warned Mr O'Connor he had one more week to outline how he intended to comply.

Irish Independent

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