MacAnthony Realty International (MRI), which had for a time its head office in the former Mayor of Marbella’s office, is to wind up its once highly profitable Irish operation with a meeting of creditors to appoint a liquidator on October 7th.
The company, started by Dubliner Darragh MacAnthony, now owner of Peterborough United Football Club, was one of the companies in the vanguard of the Irish overseas property buying boom of the early to mid noughties. MacAnthony’s companies at one stage produced a large glossy magazine and ran a TV station on Sky called Overseas Property TV as well as running a dedicated overseas property company with the highest turnover in Europe of such companies at one stage. MacAnthony claimed that his company ‘sold a property every 42 minutes’ at one stage in the middle of the decade. The company now lists on its board just director, Fernando Arespacochaga. Up to last May it had as its secretary/ director – Dominic Pickering, who resigned.
The Irish arm of the company showed turnover of €54.2m as late as 2007 with debts of just €7.5m and assets of €9.1m. Some MRI clients, unhappy with the service they have received or the fact that they received no property for their investment, are very likely to attend the meeting to ask where exactly all the company’s money has gone to and for what their money has been used.
MacAnthony has been the subject of repeated criticism by groups such as MRI-SG and a raft of reports in the media – both written and visual – so much so that he produced a blog on his site outlining: ‘How I deal with extortion, blackmail and media persecution.’
In recent times he has launched an initiative to supply schools with iPads to replace text books, a move critics have claimed is merely a cover-up to clean up what they consider to be a badly damaged media image. MacAnthony describes himself as an ‘astute investor, entrepreneur, business magnate and philanthropist’.
Darragh MacAnthony is, as far as we can ascertain, no longer connected with the Irish arm of the company and spends most of his time living in Florida.
2nd Floor, Kandoy House, 2 Fairview Strand, Dublin 3 on 7th October 2011 at 11am
Registered address: 28 Fairview Strand, Fairview, Dublin 3
Last accounts filed: 31/12/2008
CRO number: 386664