The property once belonged to the now bankrupt Sean Quinn of Ireland and his family that owes the bank over $3 billion, including $600 million of foreign properties that spans the globe, one of which is the $78 million Ukraina shopping mall that has an estimated $10 million yearly rent roll.
The Irish Bank Resolution Corporation raised the amount of its bad debt provision against the Quinn’s $3 billion loans to more than $2.4 billion from $2.3 billion, the Irish Times reported on Aug. 27.
The Irish newspaper reported that the high bad debt tally related to the loss of rental income and cash flow from Russian properties that the Quinn family once owned.
Courts in Dublin have ruled that Quinn, his son and nephew were in contempt of court for keeping the family’s foreign real estate properties beyond the reach of the bank. The Quinns have maintained their innocence and have blamed the bank for the predicament in which it is in.