The former Dublin home of bankrupt developer and IRA hunger striker Tom McFeely — at one time valued at €15m (£12m) — has been placed on the market for just a fifth of that sum.
Within hours of the former republican prisoner from Dungiven losing his Dublin High Court battle against a Nama company to save his upmarket home, the property was placed on the market with a €3m (£2.4m) price tag.
The sale of Coolbawn, No 2 Ailesbury Road, is being handled by Colliers International.
National Asset Loan Management Ltd (NALM) — a subsidiary of the Republic’s ‘bad bank’ Nama — seized the property after McFeely defaulted on a €9.5m (£7.6m) mortgage taken out in 2005. McFeely has debts in excess of €200m (£160m).
The Republic’s High Court yesterday dismissed an appeal that McFeely and his wife Nina brought against legal proceedings by a Nama subsidiary which led to the possession of the house. “I appreciate the circumstances here are terrible but there isn't anything I can do,” said Mr Justice John Hedigan.
The judge said there was no basis for the McFeelys' appeal against a Circuit Court ruling in which NALM obtained orders that ultimately led to the repossession.
The case appeared to be “open and shut”, Mr Justice Hedigan said. He was satisfied the judgment obtained over a €9.5m mortgage was well-charged and there was nothing wrong with the Circuit Court order.
The McFeelys' counsel, James Salafia, said his clients were unhappy they had been put out of their house after a court was told by NALM that there was alternative accommodation available.
McFeely had also “complained bitterly” about the publicity given to the repossession.
But Mr Salafia accepted that was all now “water under the bridge”.