Belle Haven may prove less so

Sean Dunne fies for bankruptcy

Records of Mr Dunne’s application to the bankruptcy court in Connecticut show the developer – who, during the boom, famously paid more than €500m for seven acres occupied by the former Jurys and Berkeley Court hotels – submitted his bankruptcy application online late last Friday night.

 

Reflecting on the fallout from the collapse of the property market, in which he had been a key player, he says: “The idea that the Irish taxpayer would be made liable for developers’ and bank debts was equally incomprehensible and beyond anyone’s worst nightmare.

“I regret any involvement I have had in making life difficult financially for any Irish resident.”

He gambled, he lost. Why that should make him the world’s most evil man escapes me, but he’s certainly lost his luster in Ireland, where I suppose he’s been a disappointment. They sure idolized him when he was on top, though.

12 Comments

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12 responses to “Belle Haven may prove less so

  1. Mickster

    The fault is not Dunne’s – the blame lies with an Irish government that guaranteed the recklessness of the banksters and thus put the ordinary Irish people on the line for generations to come.
    The US government has done the same through Fannie and Freddie – guaranteed all the crap mortgages written in the country by banksters.

    I don’t blame the banksters – it’s the clowns in Dublin and DC should be locked up.

  2. Dunne should be banned from any type of investment or real estate activity in America. He’s a leech.

  3. Anonymous

    So McMansion on Indian Head has another price reduction.
    Now it’s tumbled down(wink) to 927 bucks/sq.ft

    What’s the record this side of town for north of 10 million?
    And when was it set?
    Something tells me this one will take some time…

    • It’ a beautiful house and between what they paid for the land ($6 million? – something huge) and what they put into building it, its price tag is not unreasonable except, as you note, it’s way beyond what anyone’s paid for non-waterfront property in Riverside before. Interesting to me is the recent sale of the land just two doors down on which the new owner has applied to build a similarly sized house. He’ll be into it for his own $12 million and I wondered why he didn’t just buy this one and save himself three years building time, but I believe it’s because, at this price range, people want a house exactly the way they see it and there’s no interest in buying someone else’s dream. If that’s the case – and I’m just hazarding a guess here – then this sort of house will indeed sit on the market for a long time because the only people who can afford it are the type of people who want new as designed and built by themselves, not someone else. Ouch.

  4. Anonymous

    That’s what I thought,
    Not that I know what it’s like to think that way, but build it your own way has a lot of appeal.
    If its your money, then a bespoke home is what you shall receive.

  5. Anonymous

    He gambled. He lost. Other people’s money. Some of my Irish friends in Dublin treat him with the same contempt that some New Yorkers and Palm Beach residents have for Walt.

    • Mickster

      The reason they do is…..read my post

    • Mickster

      The reality is that the Irish government should have done an Iceland or Cyprus – instead they guaranteed all the Banks liabilities to the tune of $65billion. Now they’re in the process of selling all the country’s assets to pay for that. A decision that generations will have to live with…bondholders walked away Scott-free..bank and building society heads retired on multi-million euro deals…Paddy-Joe in West Cork and his grandkids will be paying forever..

      Read up about Freddie and Fannie here to see where your taxes are going…