BANK OF SCOTLAND has petitioned a US court to clear the way for its seizure of Sean Dunne’s six bedroom mansion on Shrewsbury Road.
The bank claims that it is still owed a total of over €12 million in loans advanced against the property in two tranches, firstly of €7 million in 2002 and then of €5 million in 2007.
Bank of Scotland wants the court to lift an automatic stay on it foreclosing on the property, which is currently rented to the South African embassy.
According to court documents filed in Connecticut, Bank of Scotland wants the stay lifted “so that it can pursue the foreclosure of its lien against the Property”.
The Irish Independent reports that the lease with the embassy is set to run out at the end of this month, which has prompted the Bank of Scotland move.
Valuation
The bank is also disputing the valuation attached to the property, known as “Ouragh”, by Dunne. The former developer, who is pursuing bankruptcy in both Ireland and the United States, claims that the house is worth €7,500,000.
However, a valuation submitted along with other court documents in Connecticut puts the current market price of the house at around €4,000,000.
http://cdn.thejournal.ie/media/2014/08/gaff-2.pdf
The bank submitted that the valuation means that the property is “unquestionably ‘under water’”.
The valuation describes Ouragh as an “executive dwelling in premier location”, however it goes on to say that the “small site & poor aspect” of the property is detrimental to its value.
There are a total of six bedrooms and eight bathrooms in the house, according to valuer Patrick Sheehan. In addition to this, there are a total of five living rooms in the house.
The monthly rent for the property is listed as €16,000.
Sean Dunne is facing debts worth over €700 million, and is fighting a rearguard bankruptcy action through the courts.
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