Europe News

Irish Property Tycoon Found Dead

Irish property tycoon Patrick Rocca was found dead in a suspected suicide Monday, according to several published reports.

Rocca, 42, was heavily involved in the Irish property market through his company Accorp Properties, according to the Wall Street Journal.

Irish property prices have suffered a severe slump over recent months, following aggressive rises in preceding years, which were tied to the booming of the “Celtic tiger economy.”

Rocca shot himself, according to a report on London newspaper The Times' Web site. The suicide was prompted by the prospect of financial ruin, the same report indicated through quotes of people close to Rocca.

Questions over the strength of the Irish economy remain firmly in the spotlight after Anglo Irish Bank, one of the three biggest in Ireland, agreed to be nationalized.