Buyers snap up houses from Westlife singer Shane Filan’s firm
That is according to a series of documents lodged with the Companies Office which show that the receiver to Mr Filan’s collapsed firm, Shafin Developments, has realised €388,000 from the sale of five properties — an average of €77,600 each.
In April 2012, Ulster Bank took possession of five homes at Mr Filan’s Stonebridge development at Dromahair, Co Leitrim and two sites when appointing Patrick Horkan of KPMG as receiver.
Mr Horkan in 2012 put an estimated combined value of €384,000 on the five Stonebridge properties.
At the height of the building boom, homes at the development were selling for up to €300,000 each.
However, the documents show that one property sold for €59,000 in March 2014 with two others selling for €62,000 and €82,000 in January of that year.
The documentation also shows that Mr Horkan sold a fourth property for €88,000 in September 2013 and a fifth for €97,000 in December 2012.
Ulster Bank has received just over €216,000 from the receivership of the collapsed building firm.
The seven separate receiver extracts lodged with the Companies Office show that the bank has received three separate payments of €75,000, €70,000 and €71,302 — a total of €216,302.
The latest accounts filed by Shafin Developments Ltd show that at the end of December 2010, the firm owed Ulster Bank and Bank of Ireland €4.7m.
Following the collapse of the firm, Mr Filan was declared bankrupt in the UK in June 2012 and emerged from bankruptcy one year later.
At that point, all of Mr Filan’s debts were considered cleared and the former Westlife singer has been busy since trying to resurrect his singing career.
Mr Filan embarked on his ill-fated property development career in 2004.
At the end of 2010, the firm valued its sites and developments at various stages of completion at €3.7m.
Shafin Development secured planning permission for a mixed use development consisting of a neighbourhood centre, a private clinic, gym, crèche and 68 homes on a 2.8 hectare site at Tonafortes, Carraroe, Co Sligo, but didn’t build the scheme.
