Building tycoon and property developer Bernard McNamara is in the throes of sorting out his €1.5 billion debt and has brazenly asked NAMA to pay him €300,000 a year to do it.
An original salary of €500,000 was proposed in a business plan submitted by the developer to NAMA but McNamara has denied he is looking for anywhere near these salaries.
McNamara’s construction company, Michael McNamara & Co, was one of the leading firms during the boom time and his interests expanded into the hotel market and other industries.
JOE.ie brings you five facts about Bernard McNamara (of which, as is our custom, one is completely fabricated…)
1. Bernard owns 32 Dublin apartments
He doesn’t sleep in a different apartment every night of the month but amazingly, Bernard still owns 32 luxurious pads in the heart of Dublin 4.
According to official documents held at the Property Registration Authority, McNamara acquired the properties at Elm Park on Dublin’s Merrion Road from Radora Developments, a company in which he is a 56% shareholder. He has lost around €7 million on the apartments. In the height of the good times his portfolio at Elm Park was valued at €16 million but now property experts say it’s down to about €9 million. Ouch.
2. Bernard had a visit from the sheriff recently
He’s an art lover but poor Bernard has had all of his prized paintings taken away from him by the Dublin City Sheriff’s Office recently.
A debt of €2.15 million had to be recouped and first port of call for the Sheriff was to McNamara’s home on the Ailesbury Road. It has been reported that his Mercedes had already been seized. Bernard was reportedly spotted taking regular trips into town on the bus.
3. Bernard is suing Dublin Docklands Development Authority for €100 million
It would be a good start on the road to financial recovery for McNamara if he pulls this one off.
McNamara is suing the authority for €100 million over the disastrous purchase of the Irish Glass Bottle site in Ringsend at the height of the property boom. He was part of the consortium that bought the site for €412 million in 2006.
4. Bernard plans to buy an island*
Not Ireland. Somewhere a little more exotic. Once he gets his finances in order, Bernard is clearing out and plans to retire on an uninhabited island. He may be joined by some of his NAMA-bound business pals if they get their houses in order too.
5. Bernard owes the Cicol company €4.4 million
We bandy these figures around as if they are monopoly money. It looks like in the good old days they effectively were just that.
Cicol has repeatedly failed to secure planning permission for its key asset, a substantial site in Dundrum, south Dublin. The company has built up debts of €12 million and McNamara and his joint-venture partners are in a spot of bother with this one. He owed the firm €4.4 million at its year end.
*4 is untrue.
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