NAMA has taken possession of the €6m luxury home of bankrupt developer Larry O’Mahony.
The debt agency seized the house on Shrewsbury Road in Ballsbridge, Dublin 4, following a court order made against its owners, Mr O’Mahony, and his wife Christine Connolly.
NAMA originally secured the repossession order in July after the circuit court heard that loans worth €6.75m were still outstanding against the property, number 7 on Shrewsbury
Road. It was described by Judge Jacqueline Linnane as “the best known address in the country”.
Nothing had been paid off the debt since 2010, the court was told. NAMA was cleared to take possession of the house yesterday after time allowed for the family to find a new place to live lapsed.
In circuit court hearings about the property, lawyers for Mr O’Mahony and Ms Connolly, who were represented separately, had both asked that the repossession be delayed until after Christmas.
Ms Connolly had requested that the family be given until the end of the school term next June to move, so as not to seriously disturb her children’s education.
It’s understood that the family has since moved to rental accommodation in Dublin.
Mr O’Mahony was a business partner of former IRA hunger striker Tom McFeely in the original plans to develop the Priory Hall site in Dublin. But he ended the partnership before construction of the doomed complex got under way.
In 2012, Mr O’Mahony was declared bankrupt in the UK, but authorities there confirmed they had no interest in the Shrewsbury Road property, clearing the way for NAMA to seek its repossession order.
The family’s finances made headlines again in recent weeks when the courts granted Ms Connolly a €9,000 monthly allowance to cover living expenses, to be paid out of a €1m pot of money at the centre of a separate legal dispute.
Ms Connolly was awarded the sum after arguing she needed more money to rent an “appropriate” property. The two properties she submitted as appropriate were located at Upper Leeson Street in Dublin city centre and Serpentine Avenue, Ballsbridge.