Courts / Cork / Report

Row over appointment of receiver to exclusive estate is resolved

Date
2024-07-25

Stage
Hearing Or Decision

Primary locality
Kinsale

County
Cork

Summary

Businessman Desmond McGahan sued Mars Capital Finance and receiver Rory Cotter over interference with the sale of Ballinacurra House, a Kinsale estate that has hosted celebrities such as Michael Jackson. McGahan, who owns the property with his wife Lisa and three children, sought an injunction to stop the receiver and security staff from restricting access and changing locks. He claimed the receiver was not properly appointed and that the fund might sell the house at a gross undervalue of €4 m. The defendants denied wrongdoing and opposed the injunction. The case was heard by Ms Justice Siobhan Stack, where Edward Farrelly SC and Keith Farry BL represented McGahan, and William Abrahamson SC and Edward Murray represented the defendants. The parties reached a confidential settlement after mediation, allowing McGahan to proceed with his sale plans. The matter was adjourned for several months to implement the settlement terms.

Who, what, where, when and why

What: Report matter: Row over appointment of receiver to exclusive estate is resolved. Procedural stage: hearing_or_decision

When:

October 2023 Other
2024-07-25 Publication

Why: As a result of the receiver's appointment and security coming on the property, Mr McGahan sought an injunction against the defendants, which he says he required in order to progress the sale. CNI source report