Friday 24 October 2014

Gayle gets €30,000 a month from property portfolio

Published 20/08/2013 | 05:00

Sean Dunne and wife Gayle Killilea
Sean Dunne and wife Gayle Killilea
Gayle Killilea
Gayle Killilea
Sean Dunne and Gayle Killilea-Dunne

THE wife of bust developer Sean Dunne earns almost $40,000 (€30,000) a month from her property investments, the Irish Independent can reveal.

New filings in Mr Dunne's US bankruptcy case suggest that former gossip columnist Gayle Killilea-Dunne earns as much as $475,000 (€355,800) a year from her new career as a property developer.

The addition of his wife's earnings puts their combined average monthly income at $61,600 (€46,100).

Her husband, who was once dubbed the Baron of Ballsbridge, is now bankrupt. He filed for bankruptcy in the US state of Connecticut in March, putting his debts at more than $942m (€730m).

He was last month adjudicated bankrupt in the High Court here in Ireland as well, although he may appeal that ruling.

Mr Dunne moved to Connecticut in 2010 along with Ms Killilea-Dunne after the collapse of his property empire here. She has since been involved in a series of development projects in the state, involving the construction of luxury houses.

One of Mr Dunne's major creditors, NAMA, has claimed that these property deals were funded by assets fraudulently transferred by Mr Dunne to his wife, while his debts went unpaid. They have always denied the allegations.

Mr Dunne has previously omitted details of his wife's earnings from court papers – arguing that she is not in bankruptcy.

However, in July the court-appointed bankruptcy trustee Richard Coan applied to have Mr Dunne held in contempt of court, in part for his failure to give information on Ms Killilea-Dunne's income among other documents such as his US visa application and recent pay slips.

Previously he had disclosed his own monthly income of $22,000 (€16,400), including salary and income from property investments.

In the court papers filed last Friday evening, Mr Dunne puts his wife's earnings at $39,600 a month, split between "income from real property" and "estimated additional income from real property, interest, dividends and property development".

The papers state that the sums listed were "to the best of Debtor's (Mr Dunne's) knowledge and belief because she has not provided all of this information."

Other amendments to Mr Dunne's previous statement include more than doubling his estimate of monthly expenses, which he now puts at $53,800 (€40,300).

That's up from the $21,800 (€16,300) a month he stated when he first filed the statement in May.

A note on an $18,000 (€13,500) chunk of the expenses states again that expenses listed for Ms Killilea-Dunne are to the best of Mr Dunne's knowledge.

Neither Mr Dunne nor his wife responded to requests for comment last night.

In a separate filing Mr Dunne added two new creditors who, he says, have unsecured non-priority claims.

Mr Dunne states that An Bord Pleanala is owed $205,400 (€153,900) in relation to the Whitewater Shopping Centre development in Newbridge Co Kildare. Builder Sean Mulryan has also been added to the list of creditors over an "unsecured non-priority claim" of "unknown" value.

The value of a claim by Irish Life was changed from "unknown" to $18m (€13.4m).

By Cormac McQuinn

Irish Independent

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