Builder Joe Cosgrave left an estate with a gross value of €124 million and a net value — after debts are deducted — of €93 million, according to the grant of probate just issued.
The figure does not include assets he held as a trustee. The well-known member of the Cosgrave Property Group outlines in his will his wishes concerning trusts, the beneficiaries of which are to be his daughters, Kate and Laura, and their children.
A Dublin company cited in Cosgrave’s will in relation to the trust arrangements is the owner of properties in Dublin and Wicklow, company filings show.
Cosgrave died in February 2022 aged 62 and was one of the driving forces behind one of Ireland’s best-known housebuilders, originally known as Cosgrave Brothers.
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He was predeceased by his brother Peter and survived by his brothers Michael and William and his sisters Helen and Patricia.
His widow, Denise Cosgrave, is involved in a High Court clash with her late husband’s brothers over her non-appointment as a director to Genstar Unlimited and JOM Investments Limited Company, key firms in the group.
In his January 2021 will, Cosgrave left his interest in the Genstar group of companies to his wife, who was also appointed as sole executor.
In her court case, Ms Cosgrave is alleging that her two brothers-in-law have been using her late husband’s death to take control of the construction and development group and has voiced concern about several matters, including the sale of property.
The brothers and the companies are contesting her claims, saying they have acted properly and in the best interests of the Cosgrave Group. Among the issues they have raised has been the need for a grant of probate on their late sibling’s estate.
When the case came up recently in the High Court, the judge was told that an attempt at mediation had been unsuccessful. A hearing date was set for early next year.
In his will, Cosgrave refers to investments and properties that may be held on trust for the benefit of his two daughters and refers to two trusts, one for each daughter, in which one of the initial trustees will, in each case, include a company called Grey Arch Ltd.
Company filings for Grey Arch show mortgages associated with properties in Ranelagh and Clontarf, Dublin, apartments in Delgany, Co Wicklow, and leases associated with the Dublin properties.
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