10 EXCLUSIVE CITYWEST HEIR AND CONVICTED €6 M-IN-DEBT … · 2010. 3. 4. · the limit and of...
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10 February 28, 2010 CITYWEST HEIR AND CONVICTED EXCLUSIVE EXCLUSIVE THE convicted drunk driver son of multi millionaire Jim Mansfield is being sued by AIB for more than €6 MILLION over a loan he has failed to pay back. Jimmy Mansfield Jnr, an ex-boyfriend of model Katy French and an heir to the Citywest empire, borrowed the money with three other investors to build a huge apart- ment and residential complex in a Co Meath village. But now The Maudelins development in Duleek is a ‘ghost-like’ development and the struggling bank wants its money back. The bank issued the High Court proceedings last November against four defendants, including Mansfield, with an address at his Palmerstown House mansion in Co Kildare. Surrounded The house and grounds, which were covered in a blanket of snow during the week, are surrounded by the Mansfield-owned Palmerstown Golf Club and are protected by a team of security who patrol it in Land Rovers. The bank is suing Jimmy Jnr along with his busi- ness partners – developer Glen O’Callaghan, builder Seamus Kavanagh and electrician Brian Higgins after they failed to keep up the hefty pay- ments on the loan. The quarter formed a partnership in 2005 to develop the lands in Duleek vil- lage for commercial and residential use. They were granted planning permis- sion to build 23 apartments, six retail units, a crèche and an underground car park but all are now lying vacant and un-sold. It is understood that auctioneers Remax have been told to put the properties on hold as there is so little interest in them. A one-bedroom property is currently priced at €170,000 while the two beds are for sale for more than €200,000. It is expected that the prices will have to be dropped con- siderably if they are to be sold. Due to the nature of the partnership set up, AIB can look to seize assets from any of the four developers to the tune of almost €6.5 million – meaning that Jimmy Jnr could be left to foot the entire bill himself. He is a director of more than 20 companies includ- ing his father’s Weston Airport and the Palmerstown Golf Association. It is understood that he owns more than 250 apartments at Citywest and is separated from his wife for more than six years. Jimmy Jnr was having an on-off relationship with former model Katy French in the months before her death from a cocaine overdose. At the time, he was also dating another girl and wanted to keep his relationship with Katy away from the public eye as he notoriously hates publicity. Jim Mansfield Snr is a self-made multi millionaire who last week came out in defence of his son after he got two drink-driving convictions in recent weeks. The Citywest tycoon said he would not reprimand his eldest, Jimmy Jnr, and would be 100 per cent con- fident in handing over his empire to him or any of his other two sons,Tony and PJ. Forty-two-year-old Jimmy Jnr, had been found drunk at the wheel of his Porsche sportscar last year and received a second drink-drive charge in the space of a fortnight. “Jimmy would be like myself; drink wouldn’t be something that would interest him a lot. But you know he had wine and he went out and he was over the limit and of course he got done. He is appealing the case, whether he is right or wrong I don’t know,’’ Mansfield sued CUSTODY: Jamie Lynn Brit sis in battle to kee p bab y Two teenagers broke into a car and debated what was worth taking… while cops lis- tened in on the emergency line. Their phone had accidentally dialled 911 and brought police to the crime scene in Florida By MIKE PARKER in L.A. JAMIE Lynn Spears is following in superstar sister Britney’s footsteps and facing a bitter and expensive looming child custody battle. The star of hit Nickelodeon children’s television show Zoey 101 has split with fiancé Casey Aldridge, father of her 20- month-old daughter Madison. Now the two are squaring-up for a court showdown over the infant that could cost Jamie Lynn, 18, a sizeable chunk of her fortune. Sister Britney is still paying her ex husband Kevin Federline $416,000- a-year – about $8,000-a- week – in child support for their two young sons even though they now share custody. Pipe-fitter A family friend of Louisiana pipe-fitter Aldridge, 20, said yesterday: “He’s asking to have Maddie every other weekend at the moment but he and Jamie Lynn aren’t agreeing on anything. “Casey says he wants joint custody but she’s holding out for visitation rights only. She’s desperate to try to settle this before it gets to court because she knows she could take a big financial hit.” American family law expert Jim Fedalen said yesterday: “She is right to be fearful. She’s the major breadwinner as a TV star, while he’s a blue collar worker.Just like her sister, she is the one who will have to pay for child care and nannies while her daughter is with her ex fiancé, no matter how little time they actually spend together.” Jamie Lynn, who broke up with Aldridge before Christmas, is now dating Louisiana businessman James Watson. She has told her family she wants sole custody but is prepared to be “generous” with visitation rights. A LOAN €6 M -IN-DEBT JIM J R IS ALL A LOAN IN MANSION €6 M -IN-DEBT JIM J R IS ALL A LOAN IN MANSION €6 M -IN-DEBT JIM J R IS ALL A LOAN IN MANSION €6 M -IN-DEBT JIM J R IS ALL A LOAN IN MANSION €6 M -IN-DEBT JIM J R IS ALL A LOAN IN MANSION FINANCIAL PRESSURE: Jimmy Mansfield Jnr is being sued for more than €6million INVESTIGATIONS EDITOR GHOST-LIKE: The Maudelins development in Duleek, Co Meath
Transcript of 10 EXCLUSIVE CITYWEST HEIR AND CONVICTED €6 M-IN-DEBT … · 2010. 3. 4. · the limit and of...
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10 February 28, 2010
CITYWEST HEIR AND CONVICTED EXCLUSIVEEXCLUSIVE
THE convicted drunk driver son ofmulti millionaire Jim Mansfield isbeing sued by AIB for more than €6MILLION over a loan he has failed topay back.
Jimmy Mansfield Jnr, an ex-boyfriend ofmodel Katy French and an heir to theCitywest empire, borrowed the money withthree other investors to build a huge apart-ment and residential complex in a CoMeath village.
But now The Maudelins development inDuleek is a ‘ghost-like’ development and thestruggling bank wants its money back. The bankissued the High Court proceedings last Novemberagainst four defendants, including Mansfield, withan address at his Palmerstown House mansion in CoKildare.
SurroundedThe house and grounds, which were covered in a
blanket of snow during the week, are surrounded bythe Mansfield-owned Palmerstown Golf Club and areprotected by a team of security who patrol it in LandRovers.
The bank is suing Jimmy Jnr along with his busi-ness partners – developer Glen O’Callaghan, builder
Seamus Kavanagh and electrician Brian Higginsafter they failed to keep up the hefty pay-
ments on the loan.The quarter formed a partnership in2005 to develop the lands in Duleek vil-lage for commercial and residential use.
They were granted planning permis-sion to build 23 apartments, six retailunits, a crèche and an undergroundcar park but all are now lying vacantand un-sold.
It is understood that auctioneersRemax have been told to put theproperties on hold as there is so littleinterest in them. A one-bedroomproperty is currently priced at€170,000 while the two beds are forsale for more than €200,000. It is
expected that the prices will have to be dropped con-siderably if they are to be sold. Due to the nature ofthe partnership set up, AIB can look to seize assetsfrom any of the four developers to the tune of almost€6.5 million – meaning that Jimmy Jnr could be leftto foot the entire bill himself.
He is a director of more than 20 companies includ-ing his father’s Weston Airport and the PalmerstownGolf Association. It is understood that he owns morethan 250 apartments at Citywest and is separatedfrom his wife for more than six years.
Jimmy Jnr was having an on-off relationship withformer model Katy French in the months before herdeath from a cocaine overdose.
At the time, he was also dating another girl andwanted to keep his relationship with Katy away fromthe public eye as he notoriously hates publicity.
Jim Mansfield Snr is a self-made multi millionairewho last week came out in defence of his son after hegot two drink-driving convictions in recent weeks.
The Citywest tycoon said he would not reprimandhis eldest, Jimmy Jnr, and would be 100 per cent con-fident in handing over his empire to him or any of hisother two sons,Tony and PJ.
Forty-two-year-old Jimmy Jnr, had been found drunkat the wheel of his Porsche sportscar last year andreceived a second drink-drive charge in the space of afortnight.
“Jimmy would be like myself; drink wouldn’t besomething that would interest him a lot. But youknow he had wine and he went out and he was overthe limit and of course he got done. He is appealingthe case, whether he is right or wrong I don’t know,’’
Mansfield sued
CUSTODY: Jamie Lynn
Brit sis inbattle to
keep baby
Two teenagers
broke into a car and
debated what was worth
taking… while cops lis-
tened in on the emergency
line. Their phone had
accidentally dialled 911
and brought police to
the crime scene in
Florida
By MIKE PARKER in L.A.JAMIE Lynn Spears isfollowing in superstarsister Britney’s footstepsand facing a bitter andexpensive looming childcustody battle.
The star of hitNickelodeon children’stelevision show Zoey 101has split with fiancé CaseyAldridge, father of her 20-month-old daughterMadison.
Now the two aresquaring-up for a courtshowdown over the infantthat could cost JamieLynn, 18, a sizeable chunkof her fortune.
Sister Britney is stillpaying her ex husbandKevin Federline $416,000-a-year – about $8,000-a-week – in child support fortheir two young sons eventhough they now sharecustody.
Pipe-fitterA family friend of
Louisiana pipe-fitterAldridge, 20, saidyesterday: “He’s asking tohave Maddie every otherweekend at the momentbut he and Jamie Lynnaren’t agreeing onanything.
“Casey says he wantsjoint custody but she’sholding out for visitationrights only. She’s desperateto try to settle this beforeit gets to court because sheknows she could take a bigfinancial hit.”
American family lawexpert Jim Fedalen saidyesterday: “She is right tobe fearful. She’s the majorbreadwinner as a TV star,while he’s a blue collarworker.Just like her sister,she is the one who willhave to pay for child careand nannies while herdaughter is with her exfiancé, no matter how littletime they actually spendtogether.”
Jamie Lynn, who brokeup with Aldridge beforeChristmas, is now datingLouisiana businessmanJames Watson. She has toldher family she wants solecustody but is prepared tobe “generous” withvisitation rights.
A LOAN
€6M-IN-DEBTJIM JR IS ALLA LOAN INMANSION
€6M-IN-DEBTJIM JR IS ALLA LOAN INMANSION
€6M-IN-DEBTJIM JR IS ALLA LOAN INMANSION
€6M-IN-DEBTJIM JR IS ALLA LOAN INMANSION
€6M-IN-DEBTJIM JR IS ALLA LOAN INMANSION
FINANCIALPRESSURE:
JimmyMansfield Jnr isbeing sued for
more than€6million
INVESTIGATIONS EDITOR
GHOST-LIKE:The Maudelinsdevelopment inDuleek, CoMeath
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