Nama developer Paddy Kelly has declared victory this weekend over the Dublin City Sheriff, who handed back the 7-series BMW that was taken from his Dublin home just 24 hours previously.
Mr Kelly, who has debts of over €350m, was furious that the Dublin City Sheriff Brendan Walsh took possession of the 2003-registered car, which legally belongs to his wife.
According to Mr Kelly, a representative for the sheriff returned the car, which belongs to his wife Maureen, early Friday afternoon. It is believed the driver of the car apologised to Mrs Kelly on behalf of the sheriff.
The car was seized on Thursday when bailiffs acting on foot of a warrant to the Dublin City Sheriff's Office initiated by ACC seized the seven-year-old saloon car.
The bank has a series of judgements against Mr Kelly. In April the bank obtained a judgement against Mr Kelly and his sons for €16.9m in respect of development loans.
Both ACC and the Dublin City Sheriff declined to comment about his loans or about the return of the car. Mr Kelly is adamant that he had never owned the car and that the authorities had seen documents that confirm this. He is taking legal advice on the matter. "ACC engaged in an isolated action which was not well-judged," he said. "However, we don't hold a grudge."
Under law, when a judgement for the payment of money is obtained, the party that has been awarded the judgement can obtain an order directing the sheriff to seize whatever goods are within his bailiwick belonging to the debtor.
It is not clear whether ACCBank will obtain a further warrant. Mr Kelly's affairs have been the subject of significant media coverage in recent weeks. Speaking on Thursday following the seizure of the car, Mr Kelly said: "I don't know if it was for show or . . . trying to embarrass us or whatever. We are going to take legal advice on this."
Last month, Mr Kelly said he had bought the car in 2003 for €139,000. In June, the sheriff seized an art collection and other valuables from the Ailesbury Road home of fallen property developer Bernard McNamara. The collection will be sold to help pay his debts.
The development marked a new low for Mr McNamara, once one of Ireland's richest men but who now owes €1.5bn. The property developer and former county councillor from Clare turned the building firm founded by his father Michael into one of the biggest in Ireland.