{"id":573765,"date":"2026-07-29T12:27:22","date_gmt":"2026-07-29T12:27:22","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/573765\/"},"modified":"2026-07-29T12:27:22","modified_gmt":"2026-07-29T12:27:22","slug":"inside-the-criminal-assets-bureau-auctions-where-savvy-buyers-are-snapping-up-seized-assets-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/573765\/","title":{"rendered":"Inside the Criminal Assets Bureau auctions where savvy buyers are snapping up seized assets \u2013 The Irish Times"},"content":{"rendered":"

Looking for a designer handbag, some fine jewellery, a luxury car or even a house? You could find a bargain in an unlikely place. The Criminal Assets Bureau<\/a> (Cab) seizes millions of euro in property and high-value items every year, the suspected proceeds of crime. And when they do, the public can buy them. <\/p>\n

Cab handed over almost \u20ac15 million to the exchequer last year from asset seizures, auctions and the proceeds of crime, according to its 2025 annual report published this month<\/a>. <\/p>\n

Some \u20ac10.8 million of this was tax on criminals\u2019 wealth and just over \u20ac655,000 was money recovered or saved from social protection. Eighteen properties seized across nine counties were sold for more than \u20ac4.4 million. <\/p>\n

Cab also froze 137 assets worth more than \u20ac10.2 million last year. These included almost half a million euro in cars, \u20ac66,000 worth of jewellery and designer goods, and over \u20ac7.5 million in property.<\/p>\n

You might feel queasy about buying these assets, but there are upsides. Your purchase is converting something that has come from crime into a return for the State. And if you want an interesting anecdote about your new home or handbag, it would be hard to top. <\/p>\n

Homes under the hammer<\/p>\n

How would you know if the house you\u2019re bidding on was the former crib of a criminal? Well, the selling agent will tell you. Buyers are made fully aware of the back story of seized property, says Cab chief bureau officer, Michael Gubbins.<\/p>\n

There may be other signs too. Bullet-proof windows, wrought iron fencing, electronic gates, secure doors and shutters will signal an uncommon need for security. If the home looks like a fortress, then it probably was. <\/p>\n

Seized residential properties are sometimes located on the criminal\u2019s home turf, where they have an established power base and connections, says Cab. This can mean a seemingly modest home, but with a lot of money spent on it.<\/p>\n

Rather than use their substantial funds to move to a bigger house in a more upmarket area, criminals often stay in the area where they grew up, and signal their wealth. <\/p>\n

\u201cThe house is done up over and above everyone else on the road,\u201d says Gubbins.<\/p>\n

\u201cIt won\u2019t make financial sense to put the amount of money into the renovation that they have done. The house physically stands out,\u201d he says. <\/p>\n

\u201cYou\u2019ll find there is a big extension out the back. The garden is small and the extension will take up all of it. There could be a shed with a bar and a hot tub set up.\u201d<\/p>\n

The property may originally have come to Garda attention through a \u201cgood citizen\u201d report.<\/p>\n

\u201cA person might send an email, DM us or write a letter saying, \u2018X is involved in drugs in my area and he\u2019s got the following properties\u2019.\u201d<\/p>\n

A lengthy investigation can culminate in a search of the home. A quantity surveyor will attend, valuing the house, as well as the cash sunk into it. <\/p>\n

\u201cThe criminal might have bought the house for \u20ac300,000, but they put a \u20ac400,000 extension on to it,\u201d says Gubbins. <\/p>\n

\u201cSometimes there is as much spent on the renovation as there is on the purchase of the house, and that creates a problem for the individual because they have to explain where did this money come from. They can be taxed on this unknown income,\u201d says Gubbins.<\/p>\n

Take a two-storey, three-bed semi-detached home in Clonshaugh, Dublin 17, which was seized from a member of a transnational crime group. Purchased in 2013 for \u20ac125,000, a quantity surveyor concluded an estimated \u20ac440,894 was spent on the renovations.<\/p>\n

Marketed by Wilsons Auctions for \u20ac295,000, it sold in November last year for \u20ac308,000. This was well below values on the road, where another house, unrenovated, sold for \u20ac420,000 at about the same time. <\/p>\n

[\u00a0Cab pursuing James \u2018Mago\u2019 Gately to make up alleged losses in value of seized houseOpens in new window<\/a>\u00a0]<\/p>\n

The Clonshaugh property is one of six that Cab sold in Dublin in 2025. There were also three sold in Leitrim, two each in Louth and Longford, and one each in Clare, Kerry, Kildare, Laois and Monaghan. <\/p>\n

One of the properties, near Drogheda, the former home of a leader of a transnational crime group and his family, was purchased in 2014 for \u20ac190,000. A quantity surveyor estimated that \u20ac1,093,775 was spent to bring it to the standard found on the morning of the search.<\/p>\n

\"AA deluxe property near Drogheda, the former home of a leader of a transnational crime group and his family, that was auctioned by Cab. \"OpulentOpulent staircase of the house near Drogheda that was sold by Cab. <\/p>\n

Standout features of the five-bed, 3,000sq ft property included marble floors, an opulent staircase, a baroque-style family bathroom and even a mural of Al Pacino\u2019s turn in the movie Scarface painted in the home gym, according to reporting from Louth Live.<\/p>\n

The back garden comprised a checkerboard patio, an all-weather tennis court, high-end dog kennels, a large detached garage and a partially completed outdoor bar and fire pit. <\/p>\n

With a guide price of \u20ac475,000, the property was sold by public auction in March 2025 for \u20ac649,000. This is similar to values for five-bed homes in the area. <\/p>\n

But with the renovations in this case having cost over a million euro, the buyer may have got a whole lot more house for their money. <\/p>\n

\u201cDilapidated and vacant houses have a value as well because of the grants \u2013 they add value. We are able to sell everything,\u201d says Gubbins.<\/p>\n

Luxury goods<\/p>\n

Is it too soon to talk about Christmas? If you\u2019re thinking of gifting a designer handbag, jewellery or a watch this year, keep an eye out for the annual Cab auction at the end of November. It\u2019s usually advertised on Cab\u2019s social media in the middle of that month. <\/p>\n

\u2018We\u2019ve had vans, trucks, motorbikes, camper vans, a couple of caravans, mobile homes, boats, jet skis, trailers, horseboxes, quad bikes, a helicopter and a small plane\u2019<\/p>\n

\u2014 \u00a0Michael Gubbins, Cab<\/p>\n

\u201cBid on seized luxury\u201d is how auctioneers Wilsons billed last year\u2019s \u201cexclusive online event\u201d, which included 135 lots of luxury items, watches, jewellery and designer goods. <\/p>\n

Cab has items of interest professionally authenticated and valued as part of its legal proceedings against criminals. The auction house may further authenticate them, says Gubbins. <\/p>\n

Auctions such as these tend to garner public interest, helping Cab to publicise its work to \u201cdeny and deprive\u201d, says Gubbins.<\/p>\n

Items in last year\u2019s catalogue included Christian Louboutin sandals, wedges, trainers, Gucci kids\u2019 loafers, Louis Vuitton men\u2019s loafers and Chanel trainers. <\/p>\n

\u201cThese people have wealth and an availability of cash that they need to expend, so they will buy high-value items, and it\u2019s all about \u2018look at me and how well I\u2019m doing\u2019,\u201d says Gubbins. <\/p>\n

Luxury watches included two Rolex Submariners, a Rolex GMT-Master II, a Rolex Day-Date, a Cartier Balloon Bleu and an Audemars Piguet 18ct Rose Gold Royal Oak.<\/p>\n

\"AnAn Audemars Piquet watch as featured in a Cab auction. <\/p>\n

\u201cThey are making a lot of money from this. It\u2019s not just the criminal, it\u2019s their whole family and network around them that are benefiting from their actions,\u201d he says. <\/p>\n

An investigation into a woman suspected of assisting her spouse as a driver in relation to his membership of an organised crime gang travelling around the State committing burglaries is also noted in Cab\u2019s annual report.<\/p>\n

The bureau secured orders over five Chanel handbags valued at \u20ac13,700, a Cartier silver watch valued at \u20ac2,000, a Chanel quartz watch valued at \u20ac900, three 14-carat white gold bracelets valued at \u20ac1,900, \u20ac2,300 and \u20ac2,500 \u2013 and a house in Portlaoise. <\/p>\n

Watches have various functions in the criminal world aside from telling the time, Gubbins says. \u201cThey can be used as currency, they are easily transportable and transferable.\u201d<\/p>\n

Sometimes a watch is purchased or received in part-payment while a criminal is abroad. The individual can then walk back in through the airport with anything from \u20ac5,000 to \u20ac40,000 sitting on their wrist \u2013 the box and paperwork having been posted home in advance. <\/p>\n

Transiting the same amount in cash would be much more risky.<\/p>\n

The 18 watches in last year\u2019s auction sold for a total of \u20ac156,870, with the Audemars Piguet Royal Oak selling for \u20ac38,020 and a gent\u2019s gold Rolex watch for \u20ac21,060.<\/p>\n

[\u00a0Cab recoups more than \u20ac1m following sales of properties linked to criminalsOpens in new window<\/a>\u00a0]<\/p>\n

Other highlights included a 1oz Krugerrand gold bullion coin valued by Cab at \u20ac2,000 which sold for \u20ac3,700. <\/p>\n

It had been seized from an individual using the services of a Chinese organised crime group to launder money from the sale and supply of encrypted phones to criminals and from drug trafficking, according to Cab\u2019s annual report. <\/p>\n

Three pieces of jewellery achieved \u20ac10,235, including a yellow and white gold zirconia set chain selling for \u20ac7,070.<\/p>\n

\"ZirconiaZirconia chain set as featured in a Cab auction. <\/p>\n

Four designer handbags realised a value of \u20ac4,650, with a Chanel wallet bag selling for \u20ac1,785 and a Louis Vuitton George\u2019s Bag selling for \u20ac1,010.<\/p>\n

\"AA Chanel wallet bag as featured in a Cab auction. <\/p>\n

A Hermes handbag sold for \u20ac8,400. A Hermes Birkin bag at the 2024 auction sold for \u20ac18,250.<\/p>\n

\u201cThere might be the glamour of those items and the bit of sparkle, but behind each of these items there are any number of crimes,\u201d says Gubbins. \u201cA Rolex watch with loads of diamonds may look glamorous, but remember what allowed them to purchase those items. <\/p>\n

\u201cThe majority are engaged in drugs, so it\u2019s addiction, intimidation, violence, communities being divided and pressure being put on people all the way up to murder,\u201d he says. <\/p>\n

But despite their provenance, and maybe sometimes because of it, these items sell well. <\/p>\n

Buyers in the online bidding room tend to know what they are bidding for, says Gubbins. So you may not always get a bargain.<\/p>\n

\u201cThere is huge interest in them, particularly the watches. Without hesitation, I can say they will make market value,\u201d he says.<\/p>\n

[\u00a0Cash, houses and bling: The Criminal Assets Bureau\u2019s bumper yearOpens in new window<\/a>\u00a0]<\/p>\n

Owning the watch or handbag of a gangster or a \u201cgangster\u2019s moll\u201d? That\u2019s part of the appeal for some, says one insider.<\/p>\n

\u201cThey want to show their friends on a Friday night, \u2018I got this bag at a Cab auction.\u2019 There is a bit of a story and an intrinsic value, and people are prepared to pay for that.\u201d<\/p>\n

Cars<\/p>\n

Cab sold \u20ac500,000 worth of vehicles last year, including Mercedes and BMW models.<\/p>\n

\"AA BMW model that was seized by Cab and auctioned. <\/p>\n

Cars, like homes and jewellery, are used to sink cash and to signal wealth.<\/p>\n

\u201cThey want to show people in their community how well they are doing, how good they are at being a criminal, so it\u2019s to show off,\u201d says Gubbins.<\/p>\n

Cab seized and sold Hyundai, Skoda and Volkswagen models too. \u201cThese cars aren\u2019t cheap either, so we don\u2019t overlook them. We\u2019ll take them,\u201d says Gubbins. <\/p>\n

And it\u2019s not just cars.<\/p>\n

\u201cWe\u2019ve had vans, trucks, motorbikes, camper vans, a couple of caravans, mobile homes, boats, jet skis, trailers, horseboxes, quad bikes, a helicopter and a small plane,\u201d says Gubbins.<\/p>\n

Vehicles are bought with cash and sold between criminals themselves; some are imported without paying VRT. <\/p>\n

Some are bought on personal contract purchase (PCP) or hire purchase agreements, but the purchaser can\u2019t show where they are getting the money to pay the instalments. This money becomes taxable. <\/p>\n

\u201cWe\u2019ll have done our investigations to prove they didn\u2019t have the legitimate means to purchase the vehicle and it will become one of the assets that we go after,\u201d says Gubbins.<\/p>\n

Vehicles are sold as quickly as possible after they are seized, online and throughout the year, to limit storage costs and avoid depreciation. <\/p>\n

From the sale of all seized items, a portion of funds returned to the State goes towards funding local projects and is aimed at building stronger, safer communities, says Cab. <\/p>\n

The taking from criminals of their assets has a significance beyond their monetary value, however. <\/p>\n

It removes the visible rewards of crime and weakens the influence on those who use wealth to intimidate or impress, says Cab. Seizing and selling these items sends the message that criminality is not a legitimate route to status, power or success.<\/p>\n","protected":false},"excerpt":{"rendered":"Looking for a designer handbag, some fine jewellery, a luxury car or even a house? You could find…\n","protected":false},"author":2,"featured_media":573766,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,21454,61,60,5144],"class_list":["post-573765","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-criminal-assets-bureau","tag-ie","tag-ireland","tag-money-matters"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/573765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=573765"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/573765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/573766"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=573765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=573765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=573765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}