The Irish Times yesterday reported on former Anglo Irish boss Sean Fitzpatrick’s continuing bankruptcy journey through the High Court and stated that Sean, together with his wife in some instances, has a number of properties on which he is collecting rent. The details of the properties given would seem to suggest that Sean is renting properties at bargain-basement levels, in particular on the following two properties:
(1) 25 Camaderry Road, Bray, Co Wicklow on which Sean gets €5,100 per annum in rent (that’s an even €425 per calendar month). I don’t know the road at all but a summary search on DAFT.ie shows a three-bedroom one-bathroom semi-detached house on Camaderry Road with a sale agreed status – the asking price was €569,000. There doesn’t seem to be any other property for sale or rent on Camaderry Road. If Sean’s 25 Camaderry Road property were similar to this property and the €569,000 asking price was a reflection of the value of the house then Sean would be getting a yield of 0.9%. The Rent Assistance for Wicklow is €529 pcm at the very lowest single occupancy level and rises to €1,110 pcm, so Sean appears to be undercutting the State’s own rental assistance levels!
(2) Flat at 7th,8th and 9th floors, Smithfield Market, Dublin on which Sean is reported to be receiving €16,800 per annum (equal to an even €1,400 per calendar month). Again there are no further details of the accommodation but if the apartment extends over three floors, it is hardly a studio! Now it appears that you can rent a 1-bed apartment from €850 pcm in the Smithfield Market but penthouse apartments would appear to be going for €2,600 pcm. Without knowing more details about Sean’s flat it would be difficult to comment but on the face of it a 3-floor flat for €1,400 pcm appears very low.
It should be said that the Irish Times article also refers to a property at Killiney Court being rented for €30,000 per annum (€2,500 pcm) and previous reporting has claimed this property is an apartment so it would seem that the rental on the Killiney Court property is more in line with open market rents.
Files in the Land Registry Office show that Mr and Mrs FitzPatrick became owners of an apartment in Smithfield Market in December 2006.
Ownership of the apartment, which is on the seventh, eight and ninth floors of the building according to the registry documents, was transferred in December 2006 by Fusano Properties.
Fusano was the developer of the complex and is part-owned by businessman Paddy Kelly. Fusano was funded by Anglo Irish Bank.
Mr Kelly’s loans are now understood to belong to the National Asset Management Agency.
In May 2008, a mortgage against the property was registered by Haven Mortgages. In his statement of affairs filed as part of his bankruptcy proceedings, Mr FitzPatrick said he was getting an annual income of €16,800 from the apartment. source http://www.irishtimes.com/newspaper/finance/2010/0924/1224279586377.html
In May 2008, a mortgage against the property was registered by Haven Mortgages. In his statement of affairs filed as part of his bankruptcy proceedings, Mr FitzPatrick said he was getting an annual income of €16,800 from the apartment.
The apartment was one of three properties he said he was renting but which, when mortgage payments and other costs were taken into account, were producing a monthly loss of €3,505.
Another of the properties was 25 Camaderry Road, Bray, Co Wicklow, from which Mr FitzPatrick gets €5,100 per annum in rent.
A lien against this property was registered in March 2009 in favour of Ulster Bank.
The final property being rented is at Killiney Court, Station Road, Killiney, Co Dublin, from which he gets rent of €30,000 per annum.
I thought Sean Fitzpatrick has only 188 euro a month to live on!
Why is this c**** been let con his creditors and the Irish taxpayers?
Anywhere else he would not have such a grin on his face
he is making such a fool out of us all ! He should be in Jail along with the rest of the gangsters that have destroyed this country
- Sean Fitzpatrick was able to clear his family’s loans (politics.ie)
- Even Seanie’s friends say “He did what? Oh, Jesus!” (politics.ie)