You know Paul, overseeing a massive financial collapse is a lot like making love to a beautiful woman – you invest time, money and unsecured capital at the start, spend a shocking amount on fine wines and fine dining, and begin to lose interest once you withdraw.
As the dust settled on Quinlan’s collapsing empire after the crash, it became increasingly apparent that, far from being destitute, he was still able to live high on the hog. Even as his investments were crumbling in 2009, he racked up hotel bills of £285,000 at Claridge’s and its sister hotels in Mayfair. In May 2009, on the advice of KPMG, he relocated to Switzerland for a period, resigning from Quinlan Private. Some time later he returned to the UK, taking a large villa in Putney, west London.
His children were able to remain at boarding schools despite their father’s financial embarrassment. And his wife even bought a new Range Rover, estimated to be worth more than £70,000. Quinlan himself, meanwhile, could be spotted in his favourite Mayfair members’ clubs – Annabel’s, The George, Harry’s Bar and the Dunhill.
Perhaps most surprisingly, two months ago, Quinlan was able to find £50m to participate in a cash call on investors at Coroin, the company behind Claridge’s, the Connaught and the Berkeley hotels. Shareholders had been required to inject more capital in order to pay down unsustainable debts of £660m.
And, if that hadn’t fucked your ‘relaxing Sunday’ up enough:
Model Emma Quinlan, whose family lives in a nine-bedroom house, has hit out at the introduction of a mansion tax in a foul-mouthed tirade. Emma, who is a cousin of financier Derek Quinlan, blasted the new mansion tax for properties worth over €1m.
“A mansion tax … go and shite. This is ridiculous. Where are the Government going with this?” she said online. Emma previously featured on an RTE show that showed the Quinlans in their 7000sq ft-home with a heated indoor pool, nine en suite bedrooms and an ‘always on’ hot tub with a total annual energy bill of €20,000.