Drumlish lands among property transferred by Ross
Lands in Drumlish were among the properties transferred by developer Seamus Ross to his wife Moira prior to the formation of NAMA, it has emerged. Mr Ross is one of a number of developers to have transferred property to his wife in recent years. The transactions, which are completely legal, have come under the spotlight in the national media in recent weeks.
According to documents obtained via the Registry of Deeds, Mr Ross transferred three properties in Dublin along with lands in his native north Longford to his wife, Moira in recent years. In Dublin, Mrs Ross is presently listed as the legal owner of a three storey Georgian property reputed to be in the region of €1m. Records also show the Menolly Homes property developer added two commercial properties into his wife's portfolio on February 13 and February 20, 2009.
The Ross' meanwhile share joint ownership of a 5,700 sq ft villa and 800 sq ft residence in the affluent Las Parcelas de Golf district in Nueva Andalucia, outside the Spanish town of Puerto Banus.
It has since emerged from papers held at the Spanish Land Registry that Mr Ross and his wife took out a mortgage for €5.1m against the property with Barclays Bank in July 2008. As the mortgage, a first charge on the property, is with a UK based bank, its liabilities are effectively outside the reach of NAMA and its senior accountants.
Another developer with strong Longford connections who also featured on the programme was Dromard native and Chartered Land boss, Joe O'Reilly. Mr O'Reilly has also transferred various interests to his wife, Deirdre. In March 2009, the former Manor Park Homes site manager transferred the family's Foxrock mansion on March 5, 2009 according to filings held at the Registry of Deeds. As the prime mover behind the hugely successful €500m Dundrum Shopping Centre, O'Reilly also heads up another large scale development company, Castlethorn Construction which brought to market in the late 1980s alongside fellow Longford men Liam Maye (deceased) and John Fitzsimons.
Apart from the family home, O'Reilly moved a number of apartments at Riverhall in Castleknock into his wife's name some eight months later.
Right: Moira and Seamus Ross