The family of Euromillions lotto winner Dolores McNamara and the Eddie Hobbs-backed property fund Brendan Investments have until February 2nd to reverse the planned forfeiture by local authorities in Detroit of scores of their houses in rundown parts of the city.
The McNamaras and Brendan Investments invested separately in the Detroit abandoned homes market between 2012 and 2014.
The family, who bought more than 100 units for $5 million, and the fund, which bought an estimated 500 units, have both lost heavily on their respective forays. They have had scores of houses recently listed for forfeiture to the authorities for non-payment of property taxes, and sold others at a loss.
Records at Wayne County treasury in Michigan show that 40 homes were listed for forfeiture from the McNamaras. Detroit homes are forfeited if owners don't pay their property taxes for three years. At least 200 were listed from Brendan Investments.
The first two forfeiture listings from the McNamaras were made two years ago, records show. Another two were listed for forfeiture a year ago, while a further 36 were listed in the most recent forfeiture list, published in recent weeks.
The McNamaras appear to have since paid the taxes on the majority of the houses ahead of a February deadline for action, after which the process would have accelerated.
The records show that Ms McNamara’s eldest son, Gary McNamara, has an ownership interest in 32 listed houses, many co-owned with his siblings. Daughter Dawn McNamara has an interest in eight, Kevanne and and Kim seven each, son Dean three houses. Youngest son Lee co-owns four listed houses.
In several cases, the family appears to have purchased large numbers of houses on the same street. Many were later put up for sale at heavy losses.
For example, Gary and Kevanne paid about $56,000 for 14335 Prevost Street in 2013. It was for sale before Christmas at $17,500 and was recently on the forfeiture list.
Ms McNamara, who won €115 million in 2005, entered the Detroit market after being introduced by Mr Hobbs to Vincent Regan and Hugh O'Neill, directors of Brendan Investments who co-founded it with him 10 years ago.
Mr Hobbs does not advise on property transactions, and is no longer a director of Brendan Investments. He retains a 4.5 per cent stake in the fund, however, which raised €13 million from Irish investors but is facing losses of 90 per cent.
* This article was amended on July 6th, 2017
