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Widow battling €6m loan faces losing Foxrock home

A widow with a €6m mortgage has told a court a bank is seeking to repossess her luxury home in one of Dublin's prime residential areas.

Ann Cassidy said in the Circuit Civil Court yesterday that her home at The Birches, Foxrock, Dublin 18, was worth a lot of money about two years ago.

"At the moment my house is being repossessed, my business is virtually gone and I don't have the money the pay legal advisors to support me," she told Judge Jacqueline Linnane.

Ms Cassidy was alone in court yesterday seeking to resist an application by Spencer Dock Development Company Limited for an Order for Specific Performance directing her to complete the purchase of an apartment. When the property market was at its peak, she paid a deposit of €100,000 and signed a contract for €320,000 to buy the apartment in Kirkpatrick House, Spencer Dock, North Wall Quay, Dublin.

Dozens of investors paid deposits for the Spencer Dock properties before banks reneged on promises to provide mortgages to complete the deals.

"I have tried everywhere but I cannot raise a mortgage on the apartment. I already have a €6m mortgage and I do have a house that was worth a lot of money two years ago. At the moment I'm trying to get rid of the house," she told Judge Linnane.

Counsel for Spencer Dock Development Company said Ms Cassidy had been served with legal proceedings back in July last year seeking specific performance to complete the sale. She had not responded and the company was seeking judgment in default of appearance.

Judge Linnane told Ms Cassidy the company had to seek an order for substituted ordinary post service because it thought she was evading service of the proceedings.

The court could not continuously adjourn the matter.

Ms Cassidy said her husband had died since the "whole Spencer Dock thing" started five years ago.

The company still had €100,000 of her money but she was unable to raise a mortgage anywhere.

Judge Linnane adjourned the application for three weeks to allow Ms Cassidy to clearly set out all her details on affidavit.