JOHNNY RONAN, the developer whose Real Estate Opportunities (REO) is in talks to secure its future, was worth €400m at the height of the boom three years ago, investment sources say, writes Tom Lyons.
Ronan built a private property and investment empire that ranged from office blocks in France to racehorses and a vast vintage wine collection.
His personal investments are controlled through two key firms: Lanaree and Ardquade. During the boom Ronan held €40m in liquid assets, including cash, in various firms under his personal control.
Ardquade, the parent company of Ronan’s personal investments, reported a modest loss of €2m in its most recent accounts to the end of 2008.
Ronan’s private firms owe Anglo Irish Bank alone more than €100m. His other key bankers are Allied Irish Banks and Bank of Ireland private banking. His personal borrowings are believed to run to hundreds of millions of euros.
Advertisement
The Tipperary-born developer’s private loans are secured on a range of assets including shares in REO and China Real Estate Opportunities, which have fallen sharply.
Other investments referred to in his companies’ accounts include shares in funds invested in large cap global plcs as well as bonds. Ronan also controls a large personal property portfolio, including a trophy building occupied by BNP Paribas bank in France.
Ardquade Wines, a subsidiary of his personal business empire, owned a stock of fine wines valued at €4m which Anglo has taken a charge on.
Dargle Eventing manages Ronan’s family racehorses. It increased the number of horses it owned from eight to 12 in 2008.
Accounts show that Ronan has given a €4m personal guarantee to Anglo relating to a firm called Ashwalk, set up to allow his son, Johnny Jr, and a friend to develop a site in Dublin 4. Ashwalk was set up by the young Ronan and Shane Whelan, son of Pat Whelan, a Limerick businessman.