Bankruptcy court approves sale of FitzPatrick’s home

THE bankruptcy court has approved the sale of a house in Bray, owned by former Anglo Irish Bank chairman Sean FitzPatrick. which had a reserve price of €300,000.

At the High Court yesterday, a solicitor representing Chris Lehane, the court-appointed official given control over Mr FitzPatrick’s assets, secured approval to finalise the sale of a property owned by Mr FitzPatrick at 25 Camaderry Road, Bray, Co Wicklow.

The court heard that the house was put up for auction and a reserve set after an independent valuation was obtained. The house was sold last Tuesday, but required approval from the High Court in order to finalise the transaction.

The price achieved from the auction was not disclosed in open court, but is believed to have been around €300,000. Approval for the sale was granted by Ms Justice Elizabeth Dunne.

In a statement of affairs previously submitted to the court as part of Mr FitzPatrick’s bankruptcy proceedings, he admitted that he received a rental income from apartments at Smithfield Market, Dublin, and Killiney Court, in Killiney, Dún Laoghaire, as well as the three-bedroomed semi-detached house in Bray.

He is joint owner of his family home, another house in Greystones, and an apartment in Marbella, Spain.

In July 2010, the High Court officially declared Mr FitzPatrick bankrupt after being informed he was “bowing to the inevitable”, having failed to get sufficient support from his creditors for a private settlement scheme to pay off his debts.

He is estimated to have debts of €150 million and assets of just €47 million.