FORMER WALLACE SITE SOLD FOR 87 PER CENT LESS THAN IT WAS BOUGHT FOR
AIB’s set to make a huge loss on the sale of a site it lent money to former developer Mick Wallace to build houses on in Dublin.
The site went into receivership in September 2012.
Details have emerged of the sale of the site in Walkinstown which took place last month.
AIB had initially lent MJ Wallace Limited four million euro to purchase the land to build twenty eight housing units on.
However the houses were never built and the site has been sold by the recievers for a figure of 510 thousand euro, a drop of eighty seven per cent on the initial money borrowed by the Wallace owned company.
The site was bought by O’Connor Cabins of Ballisodare County Sligo.
However the price paid was up from the inital valuation of 350 thousand euro by the reciever.