Bankrupt builder who owed €1bn back living in his former home


A TOP Irish developer who went bankrupt two years ago is living back in his former home in west Cork at weekends after his son-in-law bought back the property.

John Fleming looks set to become the first major Irish developer to make a dramatic recovery after writing off massive personal debts. His property empire collapsed in 2010 owing €1bn.

Mr Fleming, once one of Ireland’s top builders and a prominent supporter of Fianna Fail, led the way two years ago when he went bankrupt in Britain.

The one-time property baron was discharged from this bankruptcy last November after just a year. Under Irish law he would have had to wait up to 12 years.

An investigation by the Irish Independent has revealed that Mr Fleming now lives back in his former home in West Cork, when he is in Ireland after his son-in-law bought the house.

Mr Fleming has been seen regularly at his former home near Butlerstown in recent months. A son-in-law, John O’Brien, is thought to have bought the home back into the family by paying €250,000 for the house and six acres of land near Bandon.

Mr O’Brien is married to John Fleming’s daughter Linda.

According to a local property valuer, at the peak of the boom the property would have been worth over €600,000.

via Bankrupt builder who owed €1bn back living in his former home – National News – Independent.ie.

via Bankrupt builder who owed €1bn back living in his former home – National News – Independent.ie.

About Old Boy

Love the past and the future but live in the present

Posted on September 29, 2012, in Uncategorized and tagged , , , , , , . Bookmark the permalink. 1 Comment.

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