FORMER ANGLO Irish Bank chairman Seán FitzPatrick wrote off €17.5 million on investments in properties and companies, according to an accountant’s report prepared for his failed bid to secure bankruptcy protection.

Mr FitzPatrick wrote down to nil the value of 10 investments in property syndicates worth €9.3 million when he first invested.

The investments, ranging from €250,000 to €2.24 million, were made in commercial property in Dublin, Kilkenny and Clonmel, and in the UK and Dubai between 1998 and as late as June 2008.

His former employer, Anglo Irish Bank, which is now owed €110 million by Mr FitzPatrick, held security on all but one of the 10 investments.

A further 10 investments in companies, worth €8.2 million when first made, were also written off.

Anglo held security on eight of these investments, the report states.

The former bank chief, who was declared bankrupt by the High Court on Monday, has liabilities of €147.9 million, but assets of €51.2 million.

He blamed his financial demise on the collapse in the value of his share and property investments due to the financial crisis.

The report by independent accountants O'Connor, Kelliher Treacy in Killarney, Co Kerry – seen by The Irish Times– discloses the full scale of the losses incurred by Mr FitzPatrick on his property and company investments.

The comprehensive report shows the vast scale of Mr FitzPatrick’s investments in Irish, European and in international deals.

They include a €48,000 investment in Platinum One, the sports management firm run by former Anglo non-executive director Fintan Drury, made in 2005 which he has written off in full.

One of the larger company investments is a €4.2 million investment in the Somerston hotel chain in the UK in 2007.

He also invested €857,000 in internet company Porto Media, in 2006, which he has written off in full.

Mr FitzPatrick was an investor in a number of high-profile Irish companies, including Barry O’Callaghan’s Education and Media Publishing Group, where his investment was also written off, and ISTC, the lender to banks set up by former Anglo executive Tiarnan O’Mahony, in which Mr FitzPatrick lost some €1 million.

Mr FitzPatrick is an investor in syndicates assembled by Quinlan Private – the wealth manager previously run by financier Derek Quinlan which has been renamed Avestus Capital – for several high-profile property transactions.

He invested €5.5 million in the Jurys Inn deal, the Four Seasons in Prague, Bank of Ireland’s former head office building on Baggot Street in Dublin and a major shopping centre in Germany.

The property company has said the investments offered an estimated future return of €3.24 million, but he assigned a value of €2.15 million.

He is also an investor in Mao and Carluccio’s restaurants.

Mr FitzPatrick was sitting on losses on his share investments in Irish Life Permanent and car company Porsche held through Anglo Irish Bank’s investment division this year, but he had made gains on building materials group CRH, retail giant Tesco and wind energy company, Airtricity.

Mr FitzPatrick is sitting on paper losses on properties owned by him and his family, the report states.

He has placed a value of €250,000 on his apartment in Marbella, Spain, which he purchased in mid-2005 for €438,000.

An apartment at Smithfield in Dublin was bought for €900,000 with a loan of €855,000 from Haven Mortgages, a subsidiary of EBS building society. The property was valued by Haven at €440,000 in May.

Mr FitzPatrick also bought an apartment in Killiney, Co Dublin, for €2.8 million, which has fallen 70 per cent in value and is now worth €850,000.

Haven has a loan of €2.66 million due on the property, leaving Mr FitzPatrick deep in negative equity on the investment.