Sheriff confiscates property developer's (Paddy Kelly) BMW

Dionysus · 06-08-2010 03:40AM #1

In this morning's Irish Times, the sheriff has apparently confiscated Paddy Kelly's BMW and Kelly is - as is par for the course with all these developers - claiming that the sheriff had no right to confiscate it as the car belonged to his wife.

Kelly still owns a massive house on Shrewsbury Road, even if he's now living in Morehampton Road, also in Dublin 4.

He owes the banks €350 million, by his own admission. He should be, at best, living off the state in social housing. It's obscene that he has anything given that he owes so much, never mind luxury cars and homes in the most expensive part of Ireland.

JupiterKid · 06-08-2010 04:31AM

Yes, it's nauseating and in fact makes me very angry. But this is Ireland, a corrupt little statelet where the powerful and rich are protected.

I'll bet the b*stard has his house in his wife's name also.:mad: They all do this for this very contingency.

I see Johnny Ronan's still lunching in Patrick Guilbauds these days.

yutta · 06-08-2010 07:23AM

JupiterKid wrote: »

Yes, it's nauseating and in fact makes me very angry. But this is Ireland, a corrupt little statelet where the powerful and rich are protected.

I'll bet the b*stard has his house in his wife's name also.:mad: They all do this for this very contingency.

You've probably got a higher net wealth.

If he still has his gaff, he made a shrewd move by not gambling it.

JupiterKid wrote: »

I see Johnny Ronan's still lunching in Patrick Guilbauds these days.

Maybe his friend is paying for the lunch? And what business is it of yours where he goes for lunch?

Not all of us can compete with the big fish, which has its risks (and its perks).

syklops · 06-08-2010 07:34AM

My Dad always said, if you owe the bank 10,000 they send you threatening letters. If you owe them 10 Million, they take you out for lunch.

Tis true for him.

Peter C · 06-08-2010 08:59AM

The BMW is worth about 15K at most now, I wonder would the same headlines have been made if it was a 20K Avensis!

seamus · 06-08-2010 09:07AM

The BMW is worth about 15K at most now, I wonder would the same headlines have been made if it was a 20K Avensis!

Yep, spot on. The papers are loving the idea that a big luxury car has been seized, but in reality the car isn't worth that much. It's not like he's been flaunting wealth, sticking two fingers up to everyone for the last year.

syklops · 06-08-2010 09:08AM

Peter C wrote: »

The BMW is worth about 15K at most now, I wonder would the same headlines have been made if it was a 20K Avensis!

Well if the Sherriff can take a 20k avensis off a Plumber, or an IT manager, or a Publican who are 100k in debt, why shouldn't he be able to take a BMW off someone who owes 350 million?

Brendog · 06-08-2010 09:14AM

.....Yeah I'm sure all the stuff he owns now belongs to his wife

When you owe €350 million they're entitled to take the socks off his feet!

LOVE how they are cracking down of politicians and cowboy developers...

Its reminds me of the hunt!

reprazant · 06-08-2010 09:15AM

His wife is a very rich woman by her own right, and was before she met him.

Both the house on Shrewsbury Rd (I am not sure if they still actually own that) and the one on Morehampton Road were bought, and are owned, by his wife.

He owes the money, not his wife. They can't take anything belonging to the wife, which was bought and always owned by her.

mp3guy · 06-08-2010 09:20AM

I did not know Dublin had a Sheriff.

20Cent · 06-08-2010 09:25AM

reprazant wrote: »

His wife is a very rich woman by her own right, and was before she met him.

Both the house on Shrewsbury Rd (I am not sure if they still actually own that) and the one on Morehampton Road were bought, and are owned, by his wife.

He owes the money, not his wife. They can't take anything belonging to the wife, which was bought and always owned by her.

How come when wealthy men get divorced they have to give half to the wife because she helped him earn it. But when a guy is 350 million in debt its nothing to do with her?

reprazant · 06-08-2010 09:27AM

20Cent wrote: »

How come when wealthy men get divorced they have to give half to the wife because she helped him earn it. But when a guy is 350 million in debt its nothing to do with her?

No because he is personally liable, not her.

She was rich before he met her. He did not make her rich. In fact, if anything, it was her money which helped him become a property developer in the first place.

danbohan · 06-08-2010 09:29AM

Dionysus wrote: »

In this morning's Irish Times, the sheriff has apparently confiscated Paddy Kelly's BMW and Kelly is - as is par for the course with all these developers - claiming that the sheriff had no right to confiscate it as the car belonged to his wife.

Kelly still owns a massive house on Shrewsbury Road, even if he's now living in Morehampton Road, also in Dublin 4.

He owes the banks €350 million, by his own admission. He should be, at best, living off the state in social housing. It's obscene that he has anything given that he owes so much, never mind luxury cars and homes in the most expensive part of Ireland.

its all smokescreen , the day i see, the bert , cowen , callilly , etc in ornge suits and leg irons i will know something has changed in ireland but its about same chance as paisley becoming pope .

Einstein · 06-08-2010 09:30AM

mp3guy wrote: »

I did not know Dublin had a Sheriff.

he even wears a badge...

stovelid · 06-08-2010 09:30AM

mp3guy wrote: »

I did not know Dublin had a Sheriff.

Imagine being able to tell people you were a Sheriff when they asked you what you did for a living. You could even hook your thumbs in your belt and spit beside your boot for effect.

biko · 06-08-2010 09:31AM

mp3guy wrote: »

I did not know Dublin had a Sheriff.

Me too. But look here:

Mr Kelly said he had never owned the car and that the sheriff’s office had evidence the car was in his wife’s name prior to seizing it. Last month Mr Kelly told The Irish Times that he had bought the car in 2003 for €139,000.

20Cent · 06-08-2010 09:32AM

reprazant wrote: »

No because he is personally liable, not her.

She was rich before he met her. He did not make her rich. In fact, if anything, it was her money which helped him become a property developer in the first place.

So it is all her fault then.

Einstein · 06-08-2010 09:51AM

FWIW the City Sherrifs office are actually very helpful, and not the typical tough man that just comes to your premises, raids the place and leaves...they're actually quite helpful and will do what they can to accommodate you....still not nice to be dealing with them though, Unfortunately I speak from experience

06-08-2010 09:56AM

Ireland has a sheriff? Does he wear one of these hats too?

Sanjuro · 06-08-2010 09:59AM

My auld fella knew Paddy Kelly through business and what not. Kelly turned up at the wake for my father 2 years ago. He was in with the corpse, and I was busying myself with seeing to the guests. I walked into the room, and there was Kelly, trying to wrestle the cufflinks off the corpse!

This did not actually happen. But the guy did roll up to the house in the most opulent car I've seen in years.

Pace2008 · 06-08-2010 10:08AM

yutta wrote: »

You've probably got a higher net wealth.

If he still has his gaff, he made a shrewd move by not gambling it.

Maybe his friend is paying for the lunch? And what business is it of yours where he goes for lunch?

Not all of us can compete with the big fish, which has its risks (and its perks).

Hey it's that re-reg dude again!

Your style is so obnoxious I can spot you from 2 posts in at this stage.

mikemac · 06-08-2010 10:14AM

JupiterKid wrote: »

I see Johnny Ronan's still lunching in Patrick Guilbauds these days.

What has that got to do with anything?
Treasury Holdings has a lot of assets and is still paying their loans.

NAMA may have taken over their loans but the money is being paid back and loans serviced.
Just because your business loans are taken over by NAMA doesn't mean you aren't doing well and cannot pay your debts
So what's the problem here?

meditraitor · 06-08-2010 10:25AM

reprazant wrote: »

. In fact, if anything, it was her money which helped him become a property developer in the first place.

Then she is 100% liable, time to send the sherrif to the wife me thinks......

Pace2008 · 06-08-2010 10:26AM

feelingstressed wrote: »

Just because your business loans are taken over by NAMA doesn't mean you aren't doing well and cannot pay your debts
So what's the problem here?

To be fair, he looks like a nobber of the highest order.

JupiterKid · 06-08-2010 09:49PM

What has that got to do with anything?
Treasury Holdings has a lot of assets and is still paying their loans.

NAMA may have taken over their loans but the money is being paid back and loans serviced.
Just because your business loans are taken over by NAMA doesn't mean you aren't doing well and cannot pay your debts
So what's the problem here?

Actually, Treasury have made huge losses but they were shrewd enough to get into property development in China which is still bringing in lots of money for them - for now. Interesting that NAMA itself is housed in the building that Treasury themselves own...

My point was that the property developers are still swanning around, flaunting their opulent lifestyles with mansions, big cars etc. in the faces of the little people like me and others who are left picking up the pieces of the ruin that this country is in - thankjs to same said developers, bankers and FFers.

They are basically giving us all the two finger gesture and the powers that be are letting them away with it:mad:

fontanalis · 06-08-2010 09:51PM

yutta wrote: »

You've probably got a higher net wealth.

If he still has his gaff, he made a shrewd move by not gambling it.

Maybe his friend is paying for the lunch? And what business is it of yours where he goes for lunch?

Not all of us can compete with the big fish, which has its risks (and its perks).

Nor could Johny Ronan!