NAMA secures €185m court order against developer Dunne

The National Asset Management Agency (NAMA) has today secured a Commercial Court order for €185m against property developer Sean Dunne.

The summary judgment was granted with the consent of Mr Dunne and relates to loans and bank guarantees from 2005.

The property developer is perhaps best known in recent years for his ambitious plans for a €1bn makeover of Ballsbridge in Dublin 4, complete with a diamond-shaped tower.

In 2010, NAMA acquired some of his loans and the agency initiated legal proceedings when demands for repayment were not met last July.

The court heard three of the transactions relate to direct borrowings from Bank of Ireland by Mr Dunne.

In the remaining six, he was the guarantor for loans from AIB, Bank of Ireland and Irish Nationwide for Riverside IV and companies Mountbrook and DCD.

Mr Justice Peter Kelly entered judgment against the developer, who consented in writing to the order being made.