Diamond ring raises €150,000 for Nama

Nama is to receive over $200,000 (€148,000) after the 8.38-carat diamond solitaire ring belonging to a property developer’s wife sold at a US auction.

The ring — belonging to Mary McCabe, wife of “millionaires’ row” developer John McCabe — was sold for $205,000 last week in Florida, the Commercial Court heard yesterday.

The diamond ring was shipped to the US and sold there on Jan 29, the day before Nama applied for a receiver to be appointed over the ring and two other items of jewellery belonging to Ms McCabe, of Rath Stud, Ashbourne, Co Meath, after expressing concern that the items had not been handed over despite requests from Nama for possession in January.