LOST AMIDST the hoopla about the fact that U2’s The Edge lost out on plans to develop a mansion in Malibu in Los Angeles is the fact that former Revenue man Derek Quinlan sold his site there to Tony Kilduff, presumably the same Tony Kilduff who made his name with Kindle Software before moving into property investment.
Kilduff’s site is one of five above Malibu where The Edge, aka David Evans, has been trying to get permission to develop since 2006.
Kilduff gave evidence by video at a planning hearing last week but it wasn’t enough and the California Coastal Commission rejected the proposal by eight votes to four.
That’s unlikely to be the end of it however and the planning dispute is expected to end up in court.
Kilduff wasn't answering his Irish mobile this week and hadn't responded to a text message from Around the Blockabout the Malibu site at the time of writing. Kilduff heads up Elgin Capital and Cheval Properties, which provides management services to a number of property funds he set up called Belfry.
The second Belfry Properties fund made a pre-tax profit of €4.7m in the year ended March 2010, compared to a loss of €24.65m the previous year. The profit meant the shareholders’ deficit at the company fell to €1.43m, down from €5.2m the previous year.
Cheval Properties deferred its annual management fee that year, which is equal to 1.25 per cent of the group’s gross asset value. Management fees the previous year had been €1m.
