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Seanie's 'worthless' BMW sells for €350

ACCORDING to Sean FitzPatrick it wasn't worth a red cent. But a 1992 BMW he had valued at 'nil' in his statement of affairs has been sold for the princely sum of €350 -- thanks to the tireless efforts of the man tasked with disposing of the bankrupt former Anglo Irish Bank chairman's assets, official assignee Chris Lehane.

As with all the monies raised, the proceeds of the car's sale will go towards the repayment of Mr FitzPatrick's creditors, who together are due a massive €150m.

And the largest of the ex-banker's debts is to his former employer Anglo.

The State-owned institution -- which itself is set to be bailed out by the taxpayer to the tune of €35bn at least -- is owed in the region of €110m by its former chairman.

While the Sunday Independent submitted an offer of €100 for Mr FitzPatrick's BMW with a view to auctioning it for charity, Mr Lehane stuck rigidly to the terms of his appointment by the High Court, and held out for the highest offer he could find, with a view to repaying the career banker's creditors.

Indeed, such was his determination to raise as much money as possible from the BMW's sale, he even extended the December 3 deadline for offers by a further week.

The Sunday Independent understands that the Office of the Official Assignee attracted a number of bidders for the car through placing a classified advertisement in national newspapers, in which the identity of the seller was not disclosed.

Several offers ranging between €100 and €350 were received for the 18-year-old BMW by the close of the bidding process on December 10 last.

It is understood payment was received for the car a week later, on the afternoon of December 17.

Sunday Independent