€6m house will not be home to family this Christmas

The developer Laurence O’Mahony, his wife Christine Connolly, and their three children will not be spending Christmas at the luxurious €6m home taken off them earlier this week by Nama.

Judge Jacqueline Linnane granted Nama a possession order against Mr O’Mahony for No 7 Shrewsbury Rd, Ballsbridge, Dublin, and yesterday directed the family quit their home before Dec 1.

Michael McDowell SC had told the court there were four outstanding loans totalling €6.75m secured on the property by Irish Nationwide Building Society and nothing had been paid off them since Dec 2010.

Seamus Breen, for Mr O’Mahony, told Judge Linnane his client would not be appealing the order to the High Court.

Frank Beatty, counsel for Ms Connolly, appealed to the judge for an eight-month stay on the order to allow the children complete the current school year.

Judge Linnane said the debt already exceeded the value of the house, which she described as the best known address in the country.

“I have made my order for possession and I will grant a stay of execution to the first of December to allow arrangements be made to vacate the property,” she said. She awarded legal costs against Mr O’Mahony only.

Ms Connolly told the court she had lived at No 7 since Dec 1999 and had married Mr O’Mahony in Jun 2004. Mr O’Mahony was a partner with Tom McFeely in the development of Priory Hall, which due to safety issues had turned into a disaster for residents.

Mr O’Mahony declared himself bankrupt in Britain in Apr 2012 and was discharged from that bankruptcy this year.

Judge Linnane heard that Arthur McLean Solicitors had this week launched new circuit court proceedings on behalf of Ms Connolly against Nama.

She is seeking a declaration of entitlement to a beneficial interest in the property.

Ms Connolly claims she spent €437,932.46 on house furnishings, refurbishments, and an extension and made repayments to Irish Nationwide from her own savings.

When Judge Linnane enquired as to the source of these funds from a woman she had been told did not work outside the home, Mr Beatty said she had property that had been sold for €300,000 and for a number of years had been a director of a transport company and had savings in that capacity.