Bank of Ireland has seized the luxury family home of an Irish business tycoon
The house belongs to John Nagle, the founder of Payzone, and his wife Joan.
THE FORMER MARITAL home of business tycoon John Nagle and his wife, Joan, in Shankill, Dublin, was repossessed today 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 for the house at Falmore, Falls Road, Shankill, in favour of the lender with a six-month stay on execution.
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 that none of the monthly repayments of €22,600 had been made against the mortgage since 2010.
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.
Miami-style house
Joan Nagle was named as defendant in the proceedings and her husband, whose address was stated as a flat in Blackheath, London, was named as a notice party.
The, technology entrepreneur and former founder and head of Payzone, took out a €5 million loan from Bank of Ireland Mortgage Bank against the Shankill home to build a lavish Miami-style home, once worth €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 mansion.
In earlier proceedings, the High Court was told that the couple moved into the Killiney home in 2007 but were unable to live there due to substantial design defects.
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.
Auction
At a Lisney auction in Dún Laoghaire in October 2013, which was held to sell the Killiney property with a guide price by this time of just €2 million, Joan Nagle shocked potential bidders when she pointed out alleged serious flaws in the mansion.
She claimed that 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, bids for the Killiney property started at €1.5 million, and rose in bids of €50,000 until it was sold at €4 million to a solicitor who bought it on behalf of a client.
When Judge Linnane today granted the bank a possession order for the Falls Road, Shankill, property with a six-month stay, Joan Corry applied for and was granted an order for the bank’s costs against the Nagles.
