Investor’s luxurious homes under threat
Brian O’donnell, who was hit with a €71.5m judgement, had a property empire worth €1bn, writes Ronald Quinlan
THE last time high-flying solicitor Brian O'donnell spoke out, it was of the “quiet desperation” he said he and others like him felt as they sat waiting for letters from the bank to arrive.
Fresh from being hit with a €71.5m judgement by the Bank of Ireland, the legal eagle-turned property investor said he didn't know if he would lose his palatial home in Killiney as the bank sought to recover the money it was owed.
Not that Mr O'donnell need worry that he might end up living on the side of the road. For even if the Bank of Ireland decides to do its worst and take possession of his south Dublin pile, he and wife Mary Pat can always take shelter from the storm in the 10,000sq ft Grade Ii-listed mansion they have in the heart of the London borough of Westminster.
That's if it hasn't been sold already or rented out, of course.
Acquired by Mr O'donnell in 2007 for use as a headquarters for his company, Vico Capital, No 8, Barton Street, is currently on the market for a cool €15.6m through joint selling agents Knight Frank and Foxton's of Sloane Square.
For those not willing to take the plunge straight away, the 10,000sq ft townhouse is available for short-term rental for just €12,000 a week, or for a longer-term lease at the reduced rate of €7,200 a week.
Located just a few minutes' walk from the Palace of Westminster, Mr O'donnell's London bolthole boasts no less than eight bedrooms, nine bathrooms, nine reception rooms, a swimming pool, Jacuzzi, sauna, and even has its own lift to bring residents and guests to each one of its six floors.
While Mr O'donnell could not be contacted for comment in relation to the Barton Street property and his intentions for its future, the Sunday Independent understands that it has been up for sale and for rental since last December.
In the same month, the embattled lawyer and his wife, and companies with which they are associated, were ordered by the High Court in Dublin to repay €71.5m in property loans and guarantees to Bank of Ireland following litigation with the lender.
The O'donnells' company, Vico Capital, and its associated companies had borrowings recorded of €886m in July 2010.
Properties owned by the high-flying couple in Ireland, Britain, the US and Sweden, meanwhile, were valued at more than €1bn in the same period. It was reported recently that Vico sold a prime office building in Washington DC for €118m ($155m), some €13.9m ($17.5m) less than it was bought for in 2008.