The former marital home of business tycoon John Nagle and his wife, Joan, at Falmore, Falls Road, Shankill, Co Dublin, was repossessed on Thursday by Bank of Ireland Mortgage Bank.
Barrister Eithne Corry, counsel for the bank, told Judge Jacqueline Linnane in the Circuit Civil Court that the parties had consented to a possession order in favour of the lender, with a six-month stay on execution.
Ms Corry, who appeared with Kane Tuohy solicitors, said the total debt on the mortgage now stood at €5,700,000, including arrears of €1,829,000.
Counsel told the court none of the monthly repayments of €22,600 had been made against the mortgage since 2010.
Possession order
Ms Corry said it was the intention of the bank to recover the monies advanced and still outstanding from the sale of Falmore, and a possession order was necessary to facilitate the sale.
Ms Nagle was named as defendant in the proceedings, and her husband, whose address was stated as Flat 6, 16A Bennett Park, Blackheath, London, was named as a notice party.
John Nagle, technology entrepreneur and founder and former head of Payzone, had taken out a €5 million loan from Bank of Ireland Mortgage Bank against their Shankill home so that they could build a lavish home, which was later valued at €12 million, on Killiney Hill Road, Dalkey, Co Dublin.
The Nagles bought a house on Killiney Hill Road in 2004 for €4.85 million and demolished it, replacing it with the new Miami-style mansion. In earlier proceedings the High Court was told they moved into their Killiney home in 2007 but were unable to live there due to "substantial design defects".
Heavily mortgaged
The couple went back to live in their former house, Falmore, which had already been heavily mortgaged. When repayment of loans for the construction of the Killiney Hill Road property fell into default it was put up for sale.
At a Lisney auction in Dún Laoghaire in October 2013 to sell the Killiney property with a guide price by this time of just €2 million, Ms Nagle shocked potential bidders when she pointed out alleged serious flaws in the mansion.
She claimed the €1 million ventilation system “never worked”, that the infinity pool was faulty and that eight doors in the house flew off their hinges in high winds.
Despite her intervention, the Killiney property started at €1.5 million, rising in bids of €50,000 until it was sold at €4 million to a solicitor who bought it on behalf of a client.
Judge Linnane granted the bank a possession order for the Falls Road, Shankill, property, with a six-month stay.
Ms Corry applied for and was granted an order for the bank’s costs against both Mr and Ms Nagle.