Last edited: Dec 19, 2006 I was reading the Phoenix Christmas annual recently and there was a great article about Sean Dunne and the Ballsbridge purchases that took place there earlier this year. To give people a bit of background information. Sean Dunne is the man who bought the 4.84 acre Jurys Hotel site in Ballsbridge for €260m which worked out at €54m an acre (an Irish record at the time). Because of access concerns to the site, Dunne then purchased the Berkley Court Hotel for €119m, €57m and acre (breaking the record he himself had set with the Jurys Hotel site). The purchase of the sites was financed by a 5.25% interest bond compliments of Ulster Bank. The plan for the 7 acre site has recently been unveiled too with Dunne forseeing "bringing Knightsbridge to Dublin" by developing a mixed use site of cafes, bars, restaraunts, light retail and offices as well as 32-storey block of apartments. It's expected that to break even on the site purchase alone, he'll have to price at €600,000 per apartment and €1,000,000 to make a decent profit. Not content with sitting on some of most expensive land in Dublin, he then set out to purchase AIB's head office on four acres of land only to lease back to the AIB at €11m p/a. The cost of this? A cool €200m. the plan is that in five years time, AIB HQ will be torn down and replaced with another similar development to the aforementioned Jurys Hotel site. I have no idea how Sean Dunne can sleep safely in his nearby Shrewsbury Road home while having nearly €500m of unperforming debt hanging over him. Especially considering that he'll be sitting on this compounding debt for at least four years before he'll be seeing any return on it. Can anyone see Dunner getting out of this without losing his shirt? I'd love to see him pull it off, but I can't help but think he's screwed! Do the moderators have a problem with this sort of discussion?