Second Irish property investor kills himself over financial problems

The property tycoon owner of two of the islands on Dubai's The World project was buried yesterday after taking his own life amid rumours of financial problems connected with his real estate empire.

John O'Dolan, one of Ireland's leading building developers, was one of four business partners from his home country who bought the Ireland island development in March 2007 for 28 million euros. He also co-owned the England island which he bought with others a year ago.

He is the second Irish property tycoon to have committed suicide in the last few weeks. In January Patrick Rocca, an international property investor who lost millions when the property market plummeted, shot himself shortly after Anglo-Irish bank, where he lost €20 million in loans was nationalised.

The owner of O'Dolan International was found dead at his home in Galway last week. It was reported that he was depressed and despondent over the impact of the global economic downturn on his businesses. Receivers had been appointed to two of his business interests, the Inlay House Hostel and property sales firm Polka Property.

'I admire the vision that is behind this project. The islands are truly spectacular, and we look forward to developing Ireland, which will provide the Irish homeowner with their very own place they can call home in the sun,' he said when he bought the island.

He founded the auctioneering company Muller, O'Dolan and Doyle which became one of the biggest in Ireland. He went on to become a major player in the real estate sector throughout the country and beyond and became renowned for choosing signature properties.

O'Dolan International was set up to develop overseas properties including the island of Ireland in Dubai. Other landmark buildings owned by O'Dolan included the former Revenue Commissioners offices in Dublin.