Mayo doctor to provide legal charge over 11-bedroom mansion

A bank is entitled to an order requiring a doctor to provide a legal charge over his and his wife’s 11-bedroom home , the High Court has ruled.

Mayo doctor to provide legal charge over 11-bedroom mansion

Dr Gerald Stephens and Mary Anne Stephens built Thornhill Manor, Hollymount, Co Mayo, in 1995.

Mr Justice Paul Gilligan ruled ACC is entitled to an order requiring Dr Stephens to specifically perform an undertaking that Thornhill would be put up as security for a €400,000 loan given to the couple when they decided to sell the house and build another home on adjacent land they had acquired.

Mr Justice Gilligan said they they received an offer of €1.7m for Thornhill and to build their new home, they got the €400,000 loan from ACC Loan Management Ltd.

The judge said Dr Stephens indicated he would execute a deed of charge over Thornhill after they got the loan. Subsequently however, the Stephenses indicated they were not going to sign that deed unless the bank increased the loan to 65% of the value of Thornhill. The bank took proceedings in 2008.

In July 2012, the High Court ordered ACC could recover around €775,000 from the couple and there followed proceedings by Dr Stephens against this . In the meantime, the bank pursued its case for specific performance of the contract whereby the couple agreed to give legal charge over Thornhill.

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