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.

Last week, a receiver was also appointed over Ms McCabe’s diamond necklace and bracelet. Ms McCabe is being pursued by Nama in a bid to recover a €20m judgment over unpaid loans.

Jim Hamilton, appointed on Thursday as receiver for Nama, was given the necklace yesterday.

The receiver is also to be given a diamond line bracelet set in platinum Ms McCabe had given to a Dublin jeweller, John Farrington, of Farrington’s in Drury St, with a view to being sold, Mr Justice Peter Kelly heard.

John McCabe, son of Ms McCabe, said his mother was not in court due to a family bereavement and there was no intention to put the jewellery or sale proceeds out of Nama’s reach. His mother was advised the ring would obtain a better price if sold in the US and the idea was to secure the maximum return for Nama and the taxpayer from the disposal of the jewellery, he said.

Mr McCabe rejected suggestions of Nama counsel Rossa Fanning BL of a “scheme” to dispose of the jewellery. When his family became aware of the court order appointing Mr Hamilton, they spoke to him and updated him on the situation, he said.