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 down to ''approximately...
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