Developer must leave home before Christmas
LAURENCE O'Mahony, his wife Christine Connolly and their three children will not be spending Christmas at the luxury €6m home taken off them earlier this week by NAMA.
Mr O'Mahony was a partner with Tom McFeely in the development of Priory Hall which turned into a safety issues disaster for residents.
Judge Jacqueline Linnane on Tuesday granted National Asset Loan Management Ltd a possession order against Mr O'Mahony for No 7 Shrewsbury Road, Ballsbridge, Dublin 4, and directed the family to quit their home before December 1.
Michael McDowell, SC, had told the court there were four outstanding loans totalling €6.75m secured on the property by Irish Nationwide Building Society and nothing had been paid off since December 2010.
Seamus Breen, counsel for Mr O'Mahony, told Judge Linnane yesterday that his client would not be appealing the possession order to the High Court.
Frank Beatty, counsel for Ms Connolly, appealed to the judge for an eight months stay on the order to allow the children complete the current school year.
Mr McDowell said the debt recovery agency was prepared to recommend a three-months stay. When Mr Beatty said his client, a notice party to the re-possession proceedings, was not agreeable to such a short stay, Judge Linnane said she was not there as a broker.
Judge Linnane said the debt already exceeded the value of the house, which she described as the best known address in the country. "I have made my order for possession and I will grant a stay of execution to December 1 to allow arrangements be made to vacate the property," she said.
She awarded legal costs against Mr O'Mahony only.