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.
Judge Jacqueline Linnane, on Tuesday granted National Asset Loan Management Ltd a possession order against O’Mahony for No 7 Shrewsbury Road, Ballsbridge, Dublin 4, and today directed the family 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 them since December 2010.
Seamus Breen, counsel for 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 before quitting their home.
Mr McDowell said the debt recovery agency was prepared to recommend a three months stay on the basis of undertakings that the possession order would not be appealed to the High Court. He said he had not heard such words fall from the mouth of Mr Beatty.
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. Mr Beatty said Ms Connolly wanted closure but required a little bit longer.
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 the 1st of December to allow arrangements be made to vacate the property,” she said.
She awarded legal costs against Mr O’Mahony only.
Ms Connolly told the court she had lived at No 7 since December 1999 and had married O’Mahony in June 2004. Mr O’Mahony was a partner with Tom McFeely in the development of Priory Hall which turned into a safety issues disaster for residents.
O’Mahony declared himself bankrupt in the UK in April 2012 and was discharged from that bankruptcy in April of this year.
Judge Linnane heard that Arthur McLean Solicitors had this week launched new Circuit Court proceedings on behalf of Ms Connolly against National Asset Loan Managem ent Limited.
She is seeking a declaration of entitlement to a beneficial interest in the property commensurate with payments she claims to have made on the property since 1999.
Ms Connolly claims she spent €437,932:46c on house furnishings, refurbishments and an extension and made repayments to Irish Nationwide from her own savings.
When Judge Linnane inquired as to the source of these funds from a woman she had been told did not work outside the home, Mr Beatty said she had property that had been sold for €300,000. For a number of years she had been a director of a transport company and had savings in that capacity.