Sean Dunne: 'I could be considered insolvent'

Ken Foxe

Sean Dunne: 'the value of money'

Sean Dunne, talking candidly in a rare interview, said: "The Celtic Tiger may be dead and if the banking crisis continues I could be considered insolvent." Speaking to the International Herald Tribune, he said: "The one thing that I have is my wife and children – that they can't take away from me."

Dunne, who paid €380m for the seven-acre site of Jury's and the Berkeley Court Hotel in Ballsbridge, Dublin 4, said he knew the value of money. He told reporter Landon Thomas jnr: "I am never, never too proud to pick a penny up from the floor. I grew up with nothing and I know the value of money."

The property developer said his €1bn vision for the Ballsbridge site had so far been hobbled by a combination of jealousy and begrudgery. He said: "Jealousy and begrudgery are still alive and well in Ireland and whoever eradicates them should be prime minister for life... It is the result of 800 years of being controlled by other people, of watching everything the master or landlord is doing."

Dunne defended his purchase of the site in Dublin 4 at a price of more than €50m an acre and believes the project can go ahead, he said during an interview at Doheny & Nesbitt's pub on Baggot Street in Dublin 2. The journalist claimed: "He is on perhaps his sixth pint of Guinness, capping a rollicking night of Champagne cocktails followed by a wine-soaked dinner – yet his thick brogue is clear of even the faintest slurring."

Dunne said: "It is fair to say that there is not a queue of bankers lining up to lend to me right now... If anyone wants to bet I can't do this, I will take that bet. You have to have steel in a certain part of your body to do this job and as one of my bankers recently said to me, 'Sean, the only thing that will take you out is a stray bullet.' This is the way God made me, with heavy shoulders and an ability to carry a great load. Failure is not an option for me."

On 30 January An Bord Pleanála will rule on Dunne's scheme. It seems almost certain they will at least seek substantial changes to the master plan, including a major reduction in height of the centrepiece 37-storey tower. Dozens of people have objected to the plans including businessman Dermot Desmond and former PD leader Des O'Malley.

January 4, 2009

Comments

#1 EMO commented, on January 4, 2009 at 6:31 p.m.:

Isn't trading while insolvent illegal?

#2 Tom commented, on January 4, 2009 at 8:32 p.m.:

EMO. Are you for real . Illegal does not apply to the golden circle in dear old ireland

#3 dano commented, on January 4, 2009 at 9:23 p.m.:

Look at all world class buildings around Dublin from the boom,this could be one more.Present buildings there are ugly.Support the man

#4 bertie commented, on January 4, 2009 at 9:24 p.m.:

Not for Fianna Failers

#5 owen commented, on January 4, 2009 at 10:44 p.m.:

i agree with dano. This project will create a lot of jobs.

#6 jmc commented, on January 5, 2009 at 2:01 a.m.:

Seanie boy just needs planning permission for a 37 storey montrosity in a low rise established suburb that nobody wants only himself. Then he needs about €600 million to build his vanity tower. Then he needs to find hundreds of extremely cashed up idiots to buy his posh shoeboxes. Good luck with that..

#7 anthony commented, on January 5, 2009 at 5:08 a.m.:

Sean Dunne is the first decent public person I have read about in Ireland for years. His wife and kids are whats important to him at the end of the day and he is right about the IRISH begrugery. What a sad little race of people.I hope mr Dunne gets what he needs and I also hope the readership of this paper gets bigger. P.S Is there any hope your paper could put some names and faces to the masters of On Board Pleanala God bless and thank you. Sean will you turn off the lights as you leave

#8 Kev commented, on January 5, 2009 at 12:13 p.m.:

I don't think he is actually insolvent but probably would be if a couple of his current deals didn't go ahead. I hope we don't descend into a nation which goes completely against all businessmen or developers just because of the downturn. We will need fellas like Dunne to pull us out of it as well. PS What is the International Herald doing publishing an interview with someone after 6 pints +. Not best practice methinks

#9 James commented, on January 5, 2009 at 2:33 p.m.:

Does anyone elso think that Anthony and Kev might be pseudonyms for some members of Mr. Dunne's family?

#10 anthony commented, on January 5, 2009 at 11:37 p.m.:

Poor James, looks like you are all alone with your narrow little mind.

#11 Daragh commented, on January 6, 2009 at 3:44 a.m.:

ok kiddies, play nice.

I hope Dunne and his ilk get their permission slips (within reason) as our economy is coming down after a hard nights party and a little boost here and there will help break the fall.

#12 Peter W commented, on January 6, 2009 at 11:43 a.m.:

Is 37 storeys "within reason"? Is 12 storeys fronting onto Lansdowne road "within reason"? Is 17 storeys across much of the site "within reason"? Should a permission that flies in the face of the democratically developed city plan be granted to give a rich man a boost?

Whether he gets his permission or not is irrrelevant, as if he gets it he will need money to build it, which will not be forthcoming as there is no market for it.

#13 Fergus. commented, on January 16, 2009 at 7:21 p.m.:

'All boats float on a rising tide' , looks as if this one is badly holed below the waterline !

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