Bust Priory Hall builder loses €6m home to NAMA
NAMA has repossessed the luxury €6m home of bankrupt developer Larry O'Mahony, a former business partner of Priory Hall developer Tom McFeely.
Judge Jacqueline Linnane yesterday granted National Asset Loan Management Ltd (NALM) – NAMA's debt recovery arm – an order for possession of No 7 Shrewsbury Road, Ballsbridge, Dublin, where Mr O'Mahony's wife Christine Connolly lives with the couple's three children.
Mr O'Mahony was a partner with Tom McFeely in the development of Priory Hall, which turned into a disaster for residents due to safety issues.
He declared himself bankrupt in the UK in April 2012. and claimed he had been cleared of all bankruptcy debt.
Last year the Irish Independent revealed that Mr McFeely and Mr O'Mahony personally borrowed almost €30m from Irish Nationwide to build the condemned Priory Hall complex in Dublin.
Mr McFeely's Coalport Building Company Ltd was the main contractor for the Priory Hall development, but the company itself did not borrow the funds from Irish Nationwide.
Frank Beatty, who appeared for Ms Connolly, asked Judge Linnane to allow the family remain in the house until the end of the school term in June next year so as not to seriously disturb their education.
Judge Linnane said not a penny had been paid off the loans since December 2010 and a debt of €6.75m remained unpaid. She put the question of a stay on her order into the court list for mention next week.