Ex-gynaecologist and wife lose their plush €2.5m home
Former leading obstetrician and gynaecologist Gerry Rafferty, who worked for years in Dublin's private Mount Carmel Hospital before its collapse in 2014, has lost the plush Dublin 6 Victorian home he bought 10 years ago for €2.5m.
Barrister John Donnelly told the Circuit Civil Court Dr Rafferty, of Kenilworth Square, Rathgar, who no longer practices medicine, owed financial fund Promontoria (Oyster) dac €2,394,000 on a mortgage that included €428,000 arrears.
Granting Promontoria an order for possession against Dr Rafferty and his second wife, Margot O'Gorman, who was made a notice party to the proceedings, Judge Jacqueline Linnane said he had not paid a penny off the mortgage since September 2012.
Dr Rafferty had gone in and out of bankruptcy between 2014 and 2016.
Dr Rafferty, who personally represented himself and his wife in court, worked for more than a decade in the Mount Carmel Hospital, which went into liquidation in January 2014.
He charged €3,000 for his professional services during pregnancy and delivery. His area of special interest was difficulty in conceiving and maintaining pregnancy.
Mr Donnelly, for Promontoria, told the court Dr Rafferty had taken out a loan of €2,530,000 with Ulster Bank to buy 10 Kenilworth Square in July 2007 and by February 2015, due to mounting arrears, the bank issued a letter demanding full repayment of an outstanding debt of €2,394,032.
No payments had been made against the mortgage since 2012. When the bank's demand had not been met, it had issued possession proceedings in July 2015. The mortgage and debt had then been sold to Promontoria (Oyster) which had taken over the legal proceedings.
Mr Donnelly said that despite not making repayments against the mortgage, Dr Rafferty offered to give Promontoria €750,000 in full and final settlement of the €2.4m debt. Following rejection of his offer, he increased it first to €800,000 and then to €825,000, but this had also been turned down.
Dr Rafferty told Judge Linnane he faced considerable debts following the break-up of his medical practice. The break-up had been due to high-profile court cases and High Court proceedings involving the Medical Council. He said he had come to court seeking an adjournment of the possession proceedings to allow him more time to negotiate a settlement with Promontoria.
Asked by Judge Linnane where he would get this money from, he told the court a member of his family, a cousin, had offered to give him a loan. Later he told Judge Linnane there was still some negotiation to be carried out with his cousin.
Judge Linnane granted Promontoria an order for possession of the property with a stay of four months. She also awarded Promontoria its legal costs, which Dr Rafferty said he had no way of paying.