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Homes auction halted

A High Court judge has made orders preventing the auction of a property containing 22 holiday homes from going ahead after NAMA lawyers said the sale would mean a loss for the taxpayer.

NAMA sought an injunction preventing the auction, due to be held today, of a property at Ballyvaughan, Co Clare, against Art To Fitness Ltd, of Monkstown, Co Dublin, which supplies gym equipment.

In July 2011, Art To Fitness secured a judgment of €19,000, as well as a Well Charging Order and an order for sale against the registered owners of the holiday home development, Megcourt Developments Ltd, in Clare Circuit Court.

NAMA said that while the €19,000 had been paid, Art To Fitness's solicitors, JP Foley, intended to sell the property to discharge their legal costs of €122,000.