Sunday 22 January 2017

Newman's former husband has legal claim on properties

Luke Byrne and Donal O'Donovan

Published 13/05/2011 | 05:00

Former 'Dragons' Den' star Sarah Newman. Photo: Collins
Former 'Dragons' Den' star Sarah Newman. Photo: Collins
Sarah Newman was visibly upset when pictured at the home she shares with former Kilkenny hurler DJ Carey on Monkstown, Dublin on Monday
The home Newman and Carey share in Alma Road, Monkstown, Co Dublin
The Inch property at Mount Juliet, Co Kilkenny

THE ex-husband of former 'Dragons' Den' star Sarah Newman is entitled to a share of any profit made from the sale of her Irish property, the Irish Independent has learned.

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Property records show Patrick O'Donohoe, who separated from Ms Newman in 2000, has legal claims on her property in Kildare and Dublin -- including the home she shares with former Kilkenny hurler DJ Carey.

Last Monday, Ms Newman and Mr Carey were ordered to repay mortgages with AIB on luxury properties at the K Club and Mount Juliet in 2007.

They owe a total of €9.5m, putting the couple's family home on Alma Road in Monkstown, Co Dublin, in jeopardy.

But the property cannot be sold without paying off a debt owed to Mr O'Donohoe -- as well as a separate mortgage from ICS Building Society.

Mr O'Donohoe was a co-director of needahotel.com with his former wife, which was sold in 2006 for an estimated €30m.

A year after selling the company, Ms Newman was ordered to pay €2.1m to her former husband by the High Court.

Mr O'Donohoe registered charges over Ms Newman's family home on Alma Road and K Club properties last year, as a result of debt still outstanding.

He refused to comment on how much he was owed when contacted by the Irish Independent yesterday, but it was €1.7m in August 2007.

Property records show that an additional charge of almost €13,000 is registered against the properties for legal costs awarded to him.

Ms Newman's €10.5m Swiss chalet is also under threat after AIB signalled its intention to move against the property.

The case centres on mortgages taken out in 2007 and secured against three properties -- No 908 Ladycastle, The K Club; No 821 Ladycastle, The K Club, both in Co Kildare; and No 5 The Inch, Mount Juliet, Co Kilkenny.

In order to borrow the money the couple agreed a complicated arrangement with AIB.

Guarantee

Mr Carey borrowed €7.85m against two of the properties and signed a personal guarantee agreeing to pay back €1.5m borrowed by Ms Newman against the third property.

Ms Newman borrowed the €1.5m in her own name, and signed personal guarantees for Mr Carey's €7.85m loan.

The court was told the mortgage arrears owed to AIB were modest, but the bank had got no response from Mr Carey after the loans fell into arrears.

In a statement on Tuesday the couple denied that they had failed to submit proposals regarding repayment arrangements.

"Detailed and comprehensive financial proposals, prepared by their financial advisers, were submitted to the bank on a number of occasions, most recently April of this year," it said.

Irish Independent

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