Rezoning wiped Euro 16m off land value

When Wicklow County Council rezoned lands at Ashford from industrial to light craft, it wiped €16 million off the value of land held by millionaire developer Michael Ryan, according to a recent set of company accounts.

According to the auditor's report for the accounts ending December 2010, Ryan's land at Ashford had been valued at €17.4 million.

But since ''the land is now zoned for small craft industry the auditors wrote the value ...