By Conor Feehan
Herald.ie
June 07 2012

ROGUE builder Tom McFeely’s wife is fighting to stay in their €10m Ballsbridge home for at least a year.

McFeely is set to lose his Ailsbury Road home after defaulting on the mortgage of nearly €10m — but his wife has appealed for more time to move out.

Tom McFeely

She wants to be allowed remain in the home until one of the couple’s teenage children finishes school next summer.

There was no response from the McFeely home when the Herald called today.

Repossess

NAMA has been granted an order to repossess Coolbawn on Ailsbury Road in Dublin 4.

The mansion, which previously housed the German embassy, was once valued at €15m.

The three-storey property is a Victorian five-bedroom house with a self-contained ground floor that could be converted into an apartment or offices.

McFeely declared himself bankrupt in the UK in January, while the people who bought apartments in the Priory Hall fire trap he built continue to live in alternative accommodation after being evacuated from the Donaghmede complex in October.

Judge Jacqueline Linnane granted NAMA the order for possession at the Circuit Civil Court yesterday.

However, McFeely’s wife Nina is to ask the judge to allow her to stay living in the house at 2 Ailesbury Road, until one of her children finishes his Leaving Cert in June next year.

Judge Linnane adjourned the question of putting a stay on the order until tomorrow.

Defaulted

The court heard the McFeelys obtained an interest-only mortgage loan of more than €9.5m in December 2006 from Irish Nationwide Building Society which had been defaulted on.

More than €500,000 is also outstanding in unpaid interest.

Lawyers for the McFeelys said there was little defence the couple could present to NAMA recovering the property on foot of the mortgage.

Barrister Martin Canny said that McFeely now spent most of his time living in London. Mr Canny said that the McFeelys’ two teenage children continued to live with their mother in the house, and he said he would be asking the court to allow the family to remain there until one of the children, who is 17, has finished his education.

Senior counsel for NAMA Michael McDowell said the agency was prepared to agree to a stay of several weeks on the possession order to allow the family to find an alternative place to live.

But he said NAMA would not be agree to a stay until the student had finished his education.

The judge said that in order to grant a stay to the family, she would require documentary proof that the property had been insured, or that an insurance company was dealing with an insurance cover application.

cfeehan@herald.ie

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