In 2019, £15m was transferred to Kavanagh by company Rockfire Investment Finance, where he was chief executive.
Kavanagh said he believed these were fees for the transactions made on behalf of the council.
He admits spending £13.7m on a yacht, £9.1m on a private jet, purchasing a £3m villa in Mallorca and spending £800,000 on a sports car.
The businessman claims the terms of the deal allowed him to use the money as he saw fit.
Kavanagh said he was not able to admit, based on the information available to him, how the acquisition of these assets was financed.