Debt levels and personal guarantees make it exceptionally difficult to gauge the wealth of the major property players, especially as most of the well-known players have their fortunes locked up in unlimited companies which don’t file detailed accounts.
Mayo brothers Michael (58) and Cathal (61) Cannon and partner Owen Kirk (62) each own a 33pc of Cannon Kirk, a UK-focused commercial property and real-estate developer, which had sales of €16.6m last year — down from €51m a year earlier. Cannon Kirk had assets of €217m but creditors of €187m. These included a loan from the directors of €115m. The firm bought the infamous Checkpoint Charlie site in Berlin but are selling it after being unable to develop it for nine years.