Luxurious 1 million euro apartment in Dubai tops Kinahan gang’s property portfolio
A million-euro luxury apartment in Dubai’s exclusive Elite Residence Tower completes the Kinahan gang’s extensive real estate portfolio in Dubai.
Recently leaked documents show how the cartel used the millions generated by its drug empire to buy expensive properties in the emirate.
Kinahan’s flagship apartment is located in the Elite Residence tower – the fourth tallest residential building in the world – located in one of the city’s most desirable residential areas.
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The 3,200 square foot property was revealed to be one of 56 four-bedroom apartments in the tower, which contains a total of 703 units.
Dubai property records as of 2020 show the block was registered in the name of one of the Kinahan family members.
The property was valued at €1.13m two years ago, but would likely fetch a lot more now, as prices in the area have risen significantly since 2020. The same family member is also the registered owner of this property. a smaller apartment in the exclusive Al Mesk Tower, which is also part of the Dubai Marina development and was valued at €420,000 in 2020.
The registered owner is not suspected of being involved in organized 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.
It 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 runs the drug empire, bought the office about five years ago and used it as a business center, most of which were fronts for his drug cartel.
The property was used by a company registered as Ducashew General Trading LLC which, but the US Treasury maintains, is “owned or controlled by, directly or indirectly, Daniel Kinahan”.
But along with cartel founder Christy Kinahan and his sons Daniel and Christy Jnr along with other leading members of the gang, the Ducashew was sanctioned by the United States last month.
The FBI also placed a $5 million bounty on their heads.
The company also operated two offices in the Boulevard Plaza tower which sell for an average of 2.5 million euros.
Information about the Kinahan real estate empire was obtained by the Washington-based Center for Advanced Defense Studies, a nonprofit organization that specializes in researching international crime.
The data was shared with The Irish Times via Norwegian financial outlet E2.
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