Thunderbird 900 Posted January 20, 2011 Share Posted January 20, 2011 Property developing couple owe £670M. Thursday 20th January 2011 A lawyer from Dublin and his wife have ended up owing £670 million to banks all over the world having purchased a portfolio of high-end properties using readily available credit during the property market’s boom. The extent of Brian O’Donnell’s debts have been laid bare because the Bank of Ireland has taken him to court in an attempt to force him to sell one of his prime London assets – Sanctuary Buildings, an office block just a few metres from the Houses of Parliament – as the bank tries to recover the £58 million he owes them. During the bubble, O’Donnell audaciously developed an international property portfolio that includes two buildings in London’s Canary Wharf – 17 Columbus Yard, purchased for £125 million, and 15 Westferry Circus, purchased for £140 million – as well as Stockholm’s largest office block and an office building on Pennsylvania Avenue, Washington D.C., situated just a few hundred metres from the White House. O'Donnells' rise in the property sector mirrors that of a number of other investors who caught the property bug when credit was cheap and capital yields - profit on buildings – meant that millions could potentially be made in a matter of weeks. His case is the latest in a series of court actions being instigated against property developers now bearing the brunt of the financial collapse. Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted January 20, 2011 Share Posted January 20, 2011 And what about the Wilsons? They don't seem to have surfaced in a while? Quote Link to comment Share on other sites More sharing options...
lie to bet Posted January 20, 2011 Share Posted January 20, 2011 wow. With £670 million of debt they must have an excellent credit rating. I bet there are still banks busting a gut to lend them more. Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted January 20, 2011 Share Posted January 20, 2011 Dang. What do the Wilsons owe? lets say 800 properties times 100k, Thats a mere 80 million. Quote Link to comment Share on other sites More sharing options...
Daft Boy Posted January 20, 2011 Share Posted January 20, 2011 another great thread on this very subject http://www.housepricecrash.co.uk/forum/index.php?showtopic=157964&st=0&p=2860873entry2860873 Quote Link to comment Share on other sites More sharing options...
Thunderbird 900 Posted January 20, 2011 Author Share Posted January 20, 2011 My apologies...did not see the earlier thread. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.