Airport sale 'makes Desmond Ireland’s richest man'

Financier Dermot Desmond has reportedly become Ireland's richest man after selling London City Airport for €1.1bn.

Airport sale 'makes Desmond Ireland’s richest man'
Thu, 12 Oct, 2006 - 09:02

Financier Dermot Desmond has reportedly become Ireland's richest man after selling London City Airport for €1.1bn.

The billionaire bought the airport 11 years ago for just €35m.

Reports this morning say his massive profit from the sale will be mostly tax-free as he is a tax exile based in Gibraltar.

The sale means Desmond now has a fortune estimated at more than €2bn, putting him ahead of businessmen Anthony O'Reilly and Sean Quinn in the Irish rich list.

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