High-profile restaurateur Ronan Ryan and former Miss Ireland and TV star Pamela Flood face losing €1million-plus home
High profile restaurateur Ronan Ryan and his wife, the former Miss Ireland and TV star Pamela Flood, face losing their home after a bank has moved to re-possess the €1million-plus property in Dublin’s leafy Clontarf.
Judge Jacqueline Linnane said in the Circuit Civil Court Wednesday that Ryan had not paid anything off his €1.1million mortgage for more than eight years.
"The last payment to this account was on 4th August 2010," she said.
Flood, the 47-year-old former model, was not named on Ryan’s 2006 mortgage with Bank of Scotland and is not a defendant in the case but following her marriage to Ryan, (48) in 2014 she was joined as a Notice Party to the re-possession proceedings relating to a family home.
The bid to take back the couple’s home at 136 Mount Prospect Avenue, Clontarf, Dublin 3, is now being made by Tanager, an American-owned "vulture fund" that snapped up more than 2,000 distressed Irish home loans almost 10 years ago at discount rates from Bank of Scotland.
Tanager, which was represented in court by barristers Rudie Newman and Kevin Pidgeon, has a registered office at Clanwilliam Square, Grand Canal Quay, Dublin. More than 90 per cent of the loans it bought from Bank of Scotland were two years or more in arrears.
Eoin O’Shea, who appeared with solicitor David M. Turner, for Ryan and Flood, told Judge Linnane that he had prepared written legal submissions on their behalf which could, before the next hearing, be studied by the court in conjunction with submissions on behalf of the bank.
The court heard that Bank of Scotland Ireland Ltd had granted Ryan a 34-year mortgage of €1,105,000 to be paid back in monthly instalments of €4,434. The loan had fallen into arrears now amounting to €281,111 and the total debt outstanding to Tanager was stated to be €1,207,904.
Judge Linnane said that apart from no money having been paid against the mortgage since August 2010 it was not disputed that the mortgage had been taken out against the property in Mount Prospect Avenue.
Ryan used to own three restaurants which were hit by the financial recession of 2008. Flood, a former host of Off the Rails television series and several RTE shows, was to have presented a TV3 documentary series about older mothers but this was shelved after Virgin Media took over the station.
The former model won the Miss Ireland pageant 26 years ago.
The mother of four has stated in the past that despite her own career difficulties and those of her husband their marriage was rock solid.
The possession proceedings was adjourned to allow consideration of legal submissions on behalf of both parties.
Neither Ronan Ryan nor Pamela Flood had to appear in court for today’s hearing and were not present.