Bank seizes luxury family home of business tycoon
The former marital home of business tycoon John Nagle and his wife, Joan, at Falmore, Falls Road, Shankill, Co Dublin, was repossessed yesterday by Bank of Ireland Mortgage Bank.
Barrister Eithne Corry, counsel for the bank, told Judge Jacqueline Linnane in the Circuit Civil Court that the parties had consented to a possession order in favour of the lender with a six-month stay on execution.
Ms Corry said the total debt on the mortgage now stood at €5.7m including arrears of €1.8m.
Counsel told the court that none of the monthly repayments of €22,600 had been made against the mortgage since 2010. Mrs Nagle was named as defendant in the proceedings and her husband, with an address in London, was named as a notice party.
Mr Nagle, former founder of Payzone, had taken out a €5m loan against their Shankill home so that they could build a lavish Miami-style home, once worth €12m, on Killiney Hill Road, Dalkey, Co Dublin.
The Nagles bought a property on Killiney Hill Road in 2004 for €4.85m and demolished it, replacing it with the mansion.
The High Court was previously told that when they moved into their Killiney home in 2007, they were unable to live there due to "substantial design defects". The couple went back to live in their former house, Falmore, which had already been heavily mortgaged. When repayment of loans for the construction of the Killiney Hill Road property fell into default it was put up for sale.