€1 million luxury Dubai apartment tops Kinahan gang's property portfolio
A €1 million luxury apartment in Dubai’s exclusive Elite Residence Tower tops the Kinahan gang’s extensive property portfolio in Dubai.
Newly leaked documents show the extent to which the cartel has been using the millions generated from its drugs empire to buy up expensive property in the emirate.
Kinahan’s flagship apartment is located in the Elite Residence Tower –the fourth largest residential building in the world – located in one of the most sought-after residential areas in the city.
It has been revealed that the 3,200 sq ft property is one of only 56 four-bedroom apartments in the tower, which contains a total of 703 units.
Dubai’s 2020 property records show that the pad was registered in the name of one of the members of the Kinahan family.
The property was estimated to be worth €1.13million two years ago but it would probably fetch a lot more now as prices in the area have increased substantially since 2020. The same family member is also the registered owner of a smaller apartment in the exclusive Al Mesk Tower which is also in the Dubai Marina development and was valued at €420,000 in 2020.
The registered owner is not suspected of involvement in organised crime.
The leaked documents also show that Daniel Kinahan is the registered owner of an office on the 30th floor of the Jumeirah Bay X3 Tower.
This is a 55-storey building about half-an-hour’s walk from the other apartments and was estimated to be worth €328,000 in 2020.
Daniel Kinahan, who now heads the drugs empire, bought the office around five years ago and used it as his business centre, most of which were fronts for his drugs cartel.
The property was used by a firm registered as Ducashew General Trading LLC which but the US Treasury maintains it is “owned or controlled by, directly or indirectly, Daniel Kinahan”.
But along with cartel founder Christy Kinahan and his sons Daniel and Christy Jnr as well as other leading members of the gang, the Ducashew was sanctioned by the US last month.
The FBI has also placed a $5million bounty on their heads.
The company also operated two offices in Boulevard Plaza Tower which sell for an average of €2.5million.
The information about the Kinahan’s property empire was obtained by the Washington-based Centre for Advanced Defence Studies which is a non-profit organisation specialising in international crime research.
The data was shared with The Irish Times through the Norwegian financial outlet E2.
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