Thursday, January 14, 2010

Irish Developer Loses Shirt

'Broke' Irish developer Bernard McNamara has £1bn debt

At least this guy concedes it is right for him to lose his exclusive family home. Unlike Liam Caroll who transferred his family homes into his wife's name just before he hit the wall (I hope a court realises it was an illegal move in an attempt to defraud creditors) or Bovey who was given the money with no questions and no personal guarantees.

Posted by tenant super @ 10:26 AM (1621 views)
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8 thoughts on “Irish Developer Loses Shirt

  • mark wadsworth says:

    Wimp! My personal hero, Jürgen Schneider, property developer in late 1980s/early 1990’s managed to rack up bad debts of £3 billion.

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  • From another article on the same subject “The 24-acre Irish Glass Bottle site in Ringsend, Dublin 4, stands on reclaimed land. Mr McNamara envisaged developing a new mini-city with waterfront views over Dublin Bay. He paid €412m, but the property is now worth only €60m.” Elsewhere, Mr McNamara laments “I had these valued independently…how could they have all got it so wrong?”

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  • And of course Mark, that’s in the days when £3billion was actually worth something!

    What a great story this is. People need to realise that property isn’t a one way bet, unfortunately Labour are trying to prove it is!

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  • “I didn’t cause the crash… I was hit on the road by something that no-one saw was coming.”

    I’d argue he did cause the crash, or rather help cause it. This cretin is yet another example of someone who holds the belief that the world is populated by an endless supply of greater fools, thus he invested accordingly. Sadly both the money and the fools have run out, well maybe not, the mainland still seems to have an ample stock of the latter, even without the former.

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  • stillthinking says:

    If the housing cycle doesn’t end(!), then no personal guarantees is a good one to remember.

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  • “I didn’t cause the crash… I was hit on the road by something that no-one saw was coming.”

    Yet another MORON who puts the Global Financial Crisis in the natural disaster category like an earthquake. I didn’t buy an overpriced property because I saw it coming, he should have spoken to me before investing.

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  • Amazing. “Geniuses” on teh way up. “Not their fault and no-one could have seen this coming” on the way down. These speculators are just like the bankers and the Prime “no more boom and bust” monster – so amazingly intelligent and worthy of their excessive rewards, but pleading absolute ignorance when it goes wrong. How come everyone on HPC could see this coming, but these apparent masterminds were so absolutely fing clueless

    “Mr McNamara said he would do all he could to repay his debts”. £1bn? What’s he going to do, stack shelves in the evening?

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  • “Mr McNamara said he would do all he could to repay his debts”

    This brings to mind a comedy sketch I once saw:

    A waiter brings a plate with a morsel of food in the middle to a table where a customer is sat.
    The customer complains and says “The sign outside says ALL YOU CAN EAT FOR $5”
    Waiter says “That IS all you can eat for $5”

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