Dermot Desmond Net Worth $18 Billion
Desmond – a Short Overview
Irish businessman and financierDermot Desmond has an estimated net worth of $1.8 billion as of March 2013 according to Forbes.
Dermot Desmond was born onAugust 14, 1950 inMacroom, Ireland. Currently, he’s married to Pat Desmond with whom he’s four children. Prior to his success now, Desmond has worked forCitibank thenPricewaterhouse Coopers as a banking adviser.
Desmond is regarded as the creator ofNCB Stockbroker. Founded in 1981, the company developed into alargest independent brokerage in Ireland. After selling the business for $39 million to Ulster Bank in 1994, Desmond created his ownInternational Investment & Underwriting which can be a private equity firm. Currently, Desmond holds investments inMountain Province Diamonds, Daon which will be a biometrics firm,Glasgow soccer club Celtic PLC and Barchester Health.
In 1995, Desmond obtained London City Airport for 23.5 million from Mowlem. Eventually, it became the most lucrative airport in the United Kingdom. In October 1996, Desmond sold the airport for750 million to a consortium which wasCredit Suisse, AIG and GE Capital. It was in 1997 when he purchasedSandy Lane Hotel,aluxurious 5 star Barbados resort. Before the resort re-opened in 2001, it experienced a restoration which cost around $45 million. Now, Desmond owns stakes inMountain Province Diamonds, a diamond mining company which is valued at25 million.