Tuesday 6 December 2016

Developer's wife puts Merc up for sale after TV expose

DANIEL McCONNELL Chief Reporter

Published 26/12/2010 | 05:00

SHE was secretly filmed by RTE's Prime Time Investigates getting into a luxurious red Mercedes SL class car, but developer Gerry Gannon's wife Margaret, has put the car up for sale after its number plates were shown on national television.

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The 08D Mercedes SL 350 soft top, which was featured in last week's Prime Time Investigates programme on Nama and developers, has been put up for sale in recent days and is on the market for the bargain price of €69,950, the Sunday Independent has learned.

The car, which sells new for €112,000, has been listed on Carzone.ie in the past week, and is being sold by Annesley Williams Ltd, Swords Road, Cloghran, Co Dublin.

The 3.4 litre "Fire Opal Red" 2008 automatic petrol coupe, which boasts "command DVD navigation, memory seat pack, Mercedes phone system, multiple airbags and an electric roof", has less than 1,900 miles on the clock and has had only one proud owner.

There had been some concern raised that RTE did not block out the car registration from the broadcast as is normal practice on some current affairs programmes, and questions have arisen over the selling of a car with so few miles at such a large discount.

Mrs Gannon faces the prospect of being forced to hand over millions of euro- worth of properties transferred into her name by her husband, should she default on any of the loans she is liable for. This is because Mrs Gannon gave personal guarantees to the banks over loans taken out in her name.

Those personal guarantees, which were pledged as security for money she borrowed, have been acquired by Nama and it can use them to go after these properties to recover monies she owes.

Mr Gannon had transferred a wide portfolio of assets into his wife's name, which include 74 hectares in Loughglynn, Co Roscommon; a house on St Fintan's Road in Howth; 52 acres of land on Carrickbrack Road in Howth; apartments in Portmarnock and Malahide; a Victorian house in Dublin 4; and houses in Cabinteely, Templeogue, Artane and Clontarf, Dublin.

Mr Gannon confirmed last week that he had sold off his jet and helicopter "over the last year".

Sunday Independent

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