Developer McFeely's D4 home given to Nama

 

THE DUBLIN City Sheriff yesterday seized the Ballsbridge home of bankrupt developer Thomas McFeely on foot of a High Court order.

The assistant sheriff James Barry took possession of the house at 2 Ailesbury Road on behalf of the National Asset Management Agency.

Two members of Mr McFeely’s family left their home shortly before Mr Barry arrived.

He then issued a brief statement: “Today at 2.30pm on the 10th of August 2012 I have given possession of this property to Nama, 2 Ailesbury Road known as Coolmore.”

Locksmiths also arrived at the large house on the exclusive road as did Nama officials. Nama solicitor Alan Harte confirmed that they had taken possession of the house from the sheriff.

Mr McFeely was declared bankrupt in the Republic by the High Court last month.

Nama has taken possession of the house because its owner defaulted on a €9.5 million mortgage which was taken out in 2005.

The former IRA hunger striker escaped a jail sentence earlier this month when the Supreme Court overturned a High Court order that he was in breach of undertakings he had given to remedy the situation at the Priory Hall development in north Dublin. The scheme does not meet fire regulations.

The McFeelys were given until August 10th to vacate the property by Mr Justice Michael Peart earlier this month. He rejected an application for a possession order to be postponed.

Nama argued that the McFeelys had effectively been living rent-free on Ailesbury Road since August 2009 when the last payment on the loan was made.

The house will now be sold on the open market.