Live Nation Grabs O2 Dublin
Irish papers reckon LN paid Ireland’s National Asset Management Agency euro 35 million ($48 million) for Crosbie’s share of the venue, valuing the arena at about euro 70 million ($96 million).
LN had right of first refusal to purchase the venue, according to the Irish Independent.
Annual profits from the building are reckoned to be in the region of euro 6 million ($8.25 million).
LN and Crosbie have had what’s believed to be a 50-50 deal on the 15,000-capacity venue since the end of 2008, but the Dublin-based entrepreneur’s other property deals in the city have led to him being chased for a lot of money.
Last April, NAMA put a clutch of Crosbie’s ventures into receivership as it tried to haul back the euro 500 million ($688 million) it had fronted him to develop various projects around Dublin.
The Irish government set up the NAMA in 2009, largely to help the country out of what amounted to a slump and to stimulate redevelopment.
But the Irish property bubble had already popped and many of Crosbie’s assets were worth less than what he’d borrowed to buy them.
NAMA has also had receivers Grant Thornton sell off other Crosbie assets such as all of the apartments at Crosbie’s Yard, The Stock Yard office building and an industrial building on Hanover Street.
On April 23 of last year, the Irish Independent reported that Crosbie’s Blueboy Studios Limited, Ossory Park Management Limited, Grand Canal Theatre Company Limited, Point Village Development Limited, Point Village Company Limited, and Henry A Crosbie (Entertainments) Limited had also been placed in receivership.
Three months later, John Dunne – the finance chief for Crosbie’s docklands property empire – handed in his resignation.
Crosbie is an almost legendary entrepreneur in Dublin’s property and entertainment worlds.
The 67-year-old also owns Dublin’s Vicar Street venue and was at one time involved in the Clarence Hotel alongside U2 frontman