Developer Bernard McNamara has told RTE Radio's Drivetime that he is unable to pay €62.5m to investors that he has been ordered to pay.
Mr McNamara said that few in the country could pay it and said all his resources and personal interests were invested in his companies.
He said that he would be resigning from Michael McNamara and Company in the interest of all the staff that work there.
Mr McNamara had been ordered to pay €62.5m to investors under a personal guarantee on borrowings for his company Donatex.
Donatex borrowed €98m to purchase the Irish Glass Bottle Company site at Ringsend in Dublin, which cost €412m.
Justice Peter Kelly was due to rule today on an application for a stay pending the outcome of a planned Supreme Court action.
However, a legal representative for Mr McNamara told the court that he is no longer intending to appeal against the judgment.
Costs were awarded against Mr McNamara.
Earlier this week, the court heard the developer has 'no unencumbered assets' and is no longer a person of significant net worth.
Mr McNamara said today that he was €1.5bn in debt but he said all his assets were not rubbish. He said he had assets valued at €60m, which were valued at €120m in the past.
The Commercial Court also ordered Donatex to pay €98.14m back to investors.
Donatex is the company that was set up by Mr McNamara for the sole purpose of being involved in the consortium that bought the Ringsend site.
Donatex's only asset is its share in the Ringsend site, which is said to be worth just €50m now.
