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NAMA to own Charlie Haughey estate?

corelli

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Jun 13, 2007
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Whilst cogitating the ramifications of NAMA, it occurred to me that Manor Park Homes had bought Abbyville, the former Haughey estate, for something between, it has been estimated, 40-50 million Euro. It would appear that there have been planning difficulties and the site, though original planning was granted in 2006, to this date, remains undeveloped.

Given that NAMA is triggered for loans, performing and not, at 5 million Euro, is it too far to speculate that the property is Mortgaged to one, or several, of the guaranteed Banks and thus will come, in short order, within the prevue of NAMA?

It would be rather interesting, if not, to some, disturbing, that the State bale-out mechanism would, in effect, be guaranteeing the estate of the disgraced former Taoiseach to the tune of 40 million Euro, or so.

Of course Manor Park Homes could have had the cash to purchase the estate, though that is unclear and possibly unlikely. It is something, in my own personal opinion, that warrants further investigation.

Any reporter just arrived home from the pub, if viewing, is welcome to do a little further digging!
 


EvotingMachine0197

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Good shot corelli.

Can we start digging ourselves now. At least find the newsprint on the deal with manor Homes. I'll have a look ..
 

TommyO'Brien

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There would be something fitting in having Haughey's palace becoming a victim of the chaos his party produced.
 

MPB

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Kinsealy was never worth the money that was paid for it.

The Haugheys have been looked after by political donors.

The money used to pay them was borrowed. The money borrowed will most likely end up being paid by the State.

The money Haughey got to buy the estate in the first place, was gained illegally.

So the Haughey family get to make a fortune out of their fathers criminality and we get to cover the costs.

We are a disgraceful race, if we put up with this.
 

PaddyJoe McGillycuddy

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Could be right about NAMA:
THE COMPANY that owns late taoiseach Charles Haughey’s former estate had a near €25 million deficit last year, according to the latest figures.

Manor Park Homebuilders group, which bought the 200-acre Abbeville estate in Dublin from Mr Haughey in 2003, lost €14 million in the 12 months ended March 31st, compared with an €8.6 million gain the previous year.

Its balance sheet shows that its liabilities outstripped its assets by €24.75 million. Its liabilities included net debt of €134 million.
€25m deficit for Manor Park group - The Irish Times - Fri, Jan 15, 2010
 

corelli

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corelli

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anewbeginning

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Once more money lent to developers to buy a site before planning permission was achieved.

What kind of moron in a bank lends money to someone who hasn't got planning permission. It's just a straight out gamble and demonstrates clearly why Ireland's problems are nothing to do with the international recession.

You cannot blame the failure of developers to get planning permission, a local issue, and their subsequent inability to repay loans on the international recession.

Look at several high profile site purchases in D4/Ballsbridge. Billions were lent out on these sites before planning permission was gained. It turns out that planning permission will probably not be granted and the developers cannot repay.

And these loans will end up in NAMA.
 

waterford

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Kinsealy was never worth the money that was paid for it.

The Haugheys have been looked after by political donors.

The money used to pay them was borrowed. The money borrowed will most likely end up being paid by the State.

The money Haughey got to buy the estate in the first place, was gained illegally.

So the Haughey family get to make a fortune out of their fathers criminality and we get to cover the costs.

We are a disgraceful race, if we put up with this.
I often wondered why CAB never chased down the Haughey money. It actually means that criminality (white collered of course) goes rewarded. Bertie is still alive and slippering away to well paying appointments. Is our apathy to our situation because we are used to it and we dont expect honesty/value for our money:confused:
 

MPB

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Once more money lent to developers to buy a site before planning permission was achieved.

What kind of moron in a bank lends money to someone who hasn't got planning permission. It's just a straight out gamble and demonstrates clearly why Ireland's problems are nothing to do with the international recession.

You cannot blame the failure of developers to get planning permission, a local issue, and their subsequent inability to repay loans on the international recession.

Look at several high profile site purchases in D4/Ballsbridge. Billions were lent out on these sites before planning permission was gained. It turns out that planning permission will probably not be granted and the developers cannot repay.

And these loans will end up in NAMA.
These were not genuine applications for planning permission.

They were a transfer of funds to chosen members of an elite.

Funds for which we are now liable.
 

EvotingMachine0197

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Permission in 2006 and it was appealed and nothing is built, as far as one can tell.
Oh you're right, I don't think a dandelion has been picked, never mind a house built.

I drive by it twice a day so I could take some photos maybe over the weekend. I actually thought Mrs. Haughey still lived there.

But the cops box is still in the laneway off Malahide Rd.
 

PaddyJoe McGillycuddy

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AIB always threatened to get it:
The tribunal heard that in December 1976, Mr Haughey owed the bank £330,000. He asked for a further £20,000 on the basis that he would sell Rath Stud and 150 acres at Abbeville within two years and also that he would pay interest on a six monthly basis starting in March 1977.

On December 20, 1976, Mr Haughey wrote to the bank that the contract for the sale of Rath Stud had been signed and a deposit paid. He now intended to pay off his indebtedness to the Northern Bank Finance Corporation and let AIB have a first charge on Abbeville and his other properties.
http://www.independent.ie/national-news/bank-threat-to-bounce-cheques-not-a-big-worry-373199.html
 

EvotingMachine0197

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PaddyJoe, that's interesting, I always thought it was the Revenue Service that finally forced the sale ? I dunno. To pay tax liabilities or whatnot ..
 

PaddyJoe McGillycuddy

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PaddyJoe, that's interesting, I always thought it was the Revenue Service that finally forced the sale ? I dunno. To pay tax liabilities or whatnot ..
Could very well be the Revenue that forced the sale in the end alright. But he did have a ongoing battle with AIB for many years. Its very well documented in a book by Colm Keena called "Haughey's Millions'.
Must look it up again. Real forensic stuff on Charlie's money from the sixties right up to the nineties.
 

EvotingMachine0197

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Could very well be the Revenue that forced the sale in the end alright. But he did have a ongoing battle with AIB for many years. Its very well documented in a book by Colm Keena called "Haughey's Millions'.
Must look it up again. Real forensic stuff on Charlie's money from the sixties right up to the nineties.
I remember that book. I avoid buying them. I've got shedloads like it that I bought but never read.

Haughey's mansion traded for eco-home - National News, Frontpage - Independent.ie

Yeah, so according to that link it was tax.

The Abbeville estate was long-known to be Charles Haughey's most prized possession and it aggrieved him when he was forced to sell it to pay for his outstanding tax liabilities.
But when Manor Park Homes purchased the estate for €45 million in 2003, it was agreed that, as part of the deal, Charles Haughey would remain in Abbeville for his lifetime.
 

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