Judgment reserved in €7m O'Donnell home case
THE High Court has reserved judgment on the action by the four adult children of solicitor Brian O'Donnell aimed at preventing Bank of Ireland getting possession of their luxury home in Killiney, Co Dublin.
Mr Justice Brian McGovern will decide later if the children are entitled to remain in the property at Gorse Hill, Vico Road, valued at €30m in 2006 but now said to be worth between €6-7m.
Blake, Blaise, Bruce and Alexandra O'Donnell are resisting the bank's claim for possession as part of its efforts to enforce a €71m judgment secured in December 2011 against their parents, Brian and Mary Patricia O'Donnell, arising from unpaid loans.
In proceedings against the bank, the children claim they are the legal and beneficial owners of Gorse Hill, the bank has no valid claim to it and the court should discharge a receiver appointed by the bank over the property.
The court has heard the house and three and a half acres at Gorse Hill are owned by Vico Ltd, an Isle of Man company, and the shareholding of Vico Ltd is owned by a discretionary trust set up by the O'Donnell parents in favour of their children. The dispute between the children and bank is whether Gorse Hill is an asset of the trust legally and beneficially owned by the children.