Business Irish

Sunday 17 December 2017

Two years on, just one of Seanie's five properties sold

Cormac McQuinn

Cormac McQuinn

JUST one of Sean FitzPatrick's five Irish properties has been sold, almost two years after he was declared bankrupt with debts of €145m.

The former Anglo Irish Bank boss, who has been arrested twice as part of a garda investigation into the bank, listed six properties in his statement of affairs during court proceedings.

Two years on, it appears that at least four of the properties, in which Mr FitzPatrick had half shares, have yet to be sold to recoup some of the cash owed to his creditors. The status of another property -- a house is in Marbella in Spain, and whether it has been put on the market -- is also unclear.

Five of the properties are in Ireland, including his family home in Greystones, Co Wicklow, of which his wife Catriona is the joint owner.

Of Mr FitzPatrick's former properties, just one, a house on Camaderry Road in Bray, Co Wicklow, has definitely been sold to date, with the €310,000 proceeds going towards paying back his creditors.

The court-appointed official charged with disposing of his assets was granted approval to sell the property in May 2011.

The sale price was almost €200,000 less than the €500,000 value that Mr FitzPatrick had placed on the house in the statement of affairs. He valued the family home in Greystones at €1.5m, with his interest said to be half of that sum.

Another house in the town, Meadow Gardens, which he bought with his wife in 2008, was valued at €550,000. An apartment in Killiney, also purchased with his wife two years earlier, was valued at €850,000.

Mr FitzPatrick's shares in those three properties, listed in the Registry of Deeds, were transferred to the High Court's official assignee in bankruptcy, Christopher Lehane, on July 15, 2010.

CREDITORS

The former banker's half-ownership in the other two properties, the house in Bray and an apartment in Dublin's Smithfield Market, was cancelled on October 5, 2010.

Mr Lehane said in a statement that that he could not comment on "individual bankrupts", adding: "The practice of the office, generally, is to market properties where the Official Assignee has equity in the properties and where there is no equity, to surrender the properties to the mortgagees."

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