The famous scene in the 1994 movie The Shawshank Redemption begins with the protagonist Andy Duflane and his fellow prison inmates covering the roof of the prison factory with tar on a hot day.
Prison guard sadistic captain Byron Hadley is angry about how much the state will tax the inheritance that his dead brother left to him.
Suddenly, Duflesne asks Hadley if he trusts his wife.
Hadley explodes and man-handles Duflesne to the edge of the roof. For a moment, it looks like he will be driven to his death for rudeness.
Dufresne immediately explains that Hadley is entitled to a duty-free one-time monetary gift to his wife. And if he sheds money this way, he won’t pay a penny for it. Former banker Duflesne says that if Hadley can serve his fellow prisoners a cold beer, he will prepare everything. The scene ends with each enjoying a cold “bottle of bubbles”, and it’s a victory for Andy’s part that helps his friends feel like a free man, even for a brief moment.
“Do you trust your wife?” Also, in 2009, the real estate bubble burst, brick and mortar prices plummeted, banks demanded to repay billions of bad debts, and the state The question was that many ultra-rich Irish developers were likely asked by an accountant because they were so busy establishing Ireland. A “bad bank” who is in charge of those larger bad debts and tries to do them well.
Since May 2009, more than 30 major developers have suddenly transferred a huge number of real estate to their spouses. At the time, this was perceived as an effort to protect assets from banks robbing them from huge amounts of bad debt.
From May 2009 to December 2010, developer Jerry Gannon transferred at least 24 properties to his wife, Margaret, in a controversial but completely legal move.
A couple famous for the Prime Time Investigates program filmed Range Rover loading a Brown Thomas shopping bag, but at one point Gannon borrowed a billion euros from a Nama / Ireland taxpayer.
Perhaps the most spectacular of these assets transferred to Margaret was the imperial red brick house divided into luxurious apartments on 36 Elgin Road in Ballsbridge. According to records, Jerry Gannon transferred her ownership to her in May 2009.
The Prime time surveys The program was widely reported, including in the British media, and urged Nama to make the following statement: Remove them from the raw scope. “
The bad bank added: “The agency is asking developers to reclaim such assets. If they do not do so under agreement within a specified time period, Nama will track them in court.”
So did Nama fulfill that promise? Despite its unbridledness, it had to be stepped on carefully. The defeat of a single proceeding against a developer trying to deal with a spouse’s transferred assets could be badly backfired and set a precedent for keeping all transferred assets out of reach. ..
It happened that Nama charged No36, but it took almost two years to do so (March 2011). Since then, the property seems to have been owned by a company for which Ganon was a registered director for a period of time.
After that, No36 was sold for € 2.55 million in November 2020 (real estate price ledger). But anyone who bought the No36 must have added enough value to it. After 20 months, he’s back in the market, looking for almost double the value, and through the DNG agency for € 4.5 million.
No36 is an extraordinary house. Dating back to the late Victorian era, it has 10 bedrooms and 8 bathrooms, divided into 8 rentable units. These are all different. It even looks like there is a bed in the outdoor cabin attached to it. At 6,350 square feet, it covers almost six times the average semi-detached floor area.
These houses were built for the wealthy. In 1911, the flour mogul Georgeburn lived here. He, along with Edmund Mahony, owned one of the largest flour milling and flour sales businesses in the country. Burn knocked. In 1916, his Dublin warehouse was widely looted and damaged. In 1917 and 1918, both George and Edmund lost their sons in World War I.
With unfunded landlords leaving the market in large numbers today, the house was able to return to a single residence in the capital’s embassy belt. Or, given its high quality, it could be purchased by a fund.
Two of the eight apartments are two bedrooms and six are one bedrooms. There is what is called a “cabin” in the yard, and it is reported that seven parking spaces are also fully rented. Divided into traditional pre-69 house styles, most of the eight flats are of high quality and well styled. What is striking is that they are all different and nod to different decorative regimes.
One large open-plan space is decorated with classic vintage 1970s decorations, and the other space has a winding spiral staircase.
The four-storey building has returns and a decently sized garden. The magnificent tiled entrance hall is especially impressive.
Unlike the Burn Empire, which declined and collapsed in the 1960s, Jerry Gannon is back as a top homebuilder again. And Nama, who will dissolve in 2025, is expected to be in the black of 4.5 billion euros for his lifetime.