| 11.3°C Dublin

Dunne gifted wife €60m for house

BROKE developer Sean Dunne gave wife Gayle Killilea almost €60m in cash in 2005 to buy Ireland's most expensive house, he told US bankruptcy proceedings.

Details of the financial affairs of the former 'Baron of Ballsbridge' emerged yesterday during a meeting of his creditors in Connecticut.

He confirmed to the meeting that he gifted his wife €60m in cash to buy the Walford mansion in Shrewsbury Road.

Mr Dunne said the transfer was made following a post-nuptial deal the pair had struck earlier that year in Thailand.

Asked by NAMA where he got the money, Mr Dunne replied that it came "from one of my pockets, one of my bank accounts, one of my companies or a combination of all three".

In December, he told a meeting of his creditors that in 2005 he signed an agreement with his wife to give his new bride €100m to ensure her financial independence in return for her "love and affection".

The financial arrangement was made a year after their lavish wedding on a yacht once owned by Aristotle Onassis.

ASSET

A payment of €60m in "one lump or close to it" was part of that deal, he told the meeting in New Haven yesterday.

The massive payment was for her "to acquire an asset, 58,59,60 million [euros] when all the costs racked up".

In 2010, Ms Killilea was granted a judgment of $44m (€32m)in a Swiss Court to honour the Thailand agreement.

When questioned by Tom Curran for NAMA on whether it was unusual for a wife to sue her husband, Mr Dunne replied: "I can't account for the actions of other people."

Mr Dunne, who has debts of €691m, faced questions about his financial affairs from the court-appointed trustee Richard Curran and lawyers for Ulster Bank and NAMA.

HNEWS@HERALD.IE


Privacy