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.
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.
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.