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Quinlan loses €3m on sale of his yacht

FINANCIER Derek Quinlan lost €3m on the sale of his yacht and now he is being pursued for the shortfall.

Mr Quinlan, who arranged some of the most outrageous property purchases during the boom years, will have to fork out the difference after a judgment was secured by Lombard Ireland, owned by the Royal Bank of Scotland.

The plush vessel, a 102ft Falcon 102, was purchased by Mr Quinlan for €5m in 2007 with the assistance of loans from Lombard. The yacht, which has a number of en-suite cabins and an area for crew below deck, was repossessed by the lender last year and sold for about €2m.

It was previously based on the Mediterranean and moored close to Mr Quinlan's villa at Cap Ferrat near Nice on the French Riviera.

This is the latest in a long string of luxury goods and property belonging to Mr Quinlan that that has been sold off.

NAMA disposed of a prime Dublin property on Ailesbury Road for €2.5m -- a huge fall from the original purchase price of €11.5m a few years ago.

Mr Quinlan paid €8.5m for 43 Ailesbury Road in 2007 and bought the mews at the back of the house at 18 Ailesbury Road for €3m.

And the Ailesbury sale came as NAMA prepares to auction 14 art works from Mr Quinlan's private collection.

The accountant established Quinlan Private in 1989, Ireland's first independent private-client advisory group. One of his biggest deals was the purchase of the Savoy Hotel Group in London for £750m (€1.1bn) in 2004.

Last week NAMA sold €800m of debt on the three remaining hotels in the group -- Claridge's, the Connaught and the Berkeley -- to the Barclay brothers, owners of the Ritz hotel in London. Mr Quinlan still owns 35pc of the hotel group but the debt on his shareholding is now owned by the Barclay brothers.

clairemurphy@herald.ie