It seems as if Ivor and the misses took out 6 mortgages at the height of the boom including 2 on new investments. A further 3 mortgages were secured on existing investments. Also as the property market tanked in the begining of 2009 Ivor was part of a 4 man consortium that paid €10million for a site. This site is now in receivership with €8million in loans outstanding.
If, as is almost certainly the case, Ivor and the other members of the consortium gave personal guarantees and various assets as added security, could Senator Callely now be a bankrupt between all the charges on his now halved in value investments and a site whose realisable value must be questionable.
Senator who got six mortgages in a day counts cost of property crash - National News, Frontpage - Independent.ie