Sunday 18 February 2018

Wife of developer pursued by NAMA for €20m has bracelet sold for €36k

Bracelet belonged to Mary McCabe, wife of John McCabe Snr whose building firm's projects included homes in Abington, Malahide

Property developer John McCabe
Property developer John McCabe

ANOTHER piece of jewellery belonging to the wife of a developer being pursued by NAMA for €20m has been sold for €36,000 by a receiver, the Commercial Court heard.

Earlier this year,  NAMA got court orders appointing a receiver over items of jewellery belonging to Mary McCabe, wife of John McCabe snr, whose building firm's projects included homes for millionaires in Abington, Malahide, Dublin.

NAMA brought the court application to ensure she handed over the jewellery, including the proceeds of the sale of an 8.38 carat diamond ring which she put up for auction in Florida for €150,000 in January.

Mrs McCabe,of Rath Stud, Ashbourne, Co Meath, had refused last January to hand three items of jewellery as required by NAMA including the diamond ring.

There was also a diamond bracelet and a diamond necklace with a combined estimated value of €140,000.

As a result NAMA obtained court orders to secure possession of the items and the proceeds of the sold ring were handed over.

Today, Rossa Fanning BL, for NAMA, said the bracelet had also since been sold by the receiver for €36,000.  The necklace, as well as a diamond brooch, have yet to be sold, counsel said

Mr Justice Peter Kelly approved legal and other costs associated with the sale but said he was dispensing with any requirement for NAMA to have to return to court to report on the other two items of jewellery when they are sold.

The judge said he had put the matter into his list yesterday to give Mrs McCabe an opportunity to make any representations she wished.

She had not appeared but he was satisfied she was aware of the matter and she had also not made any representations in relation to NAMA's application.

Last year, John McCabe snr was ordered to repay NAMA amounts totalling more than €100m arising mainly from loans to companies in his building group and guarantees.

NAMA also secured judgment in various sums against Mrs Mc Cabe and the couple's children.

McCabe Builders (Dublin) is in liquidation.  Mr McCabe Snr was one of

10 Anglo Irish Bank customers who each bought a 10pc stake in the bank in the so-called 'Maple 10' deal of 2008.

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