The Supreme Court has reserved judgment on an appeal by the four adult children of solicitor Brian O'Donnell aimed at preventing Bank of Ireland getting possession of their luxury family home in Co Dublin as part of its efforts to enforce a €70 million judgment against their parents.
Blaise, Blake, Bruce and Alexandra O'Donnell remain at Gorse Hill, Vico Road, Killiney, pending the outcome of the five-judge court's decision. The court did not indicate when that would be delivered.
A hearing of Bank of Ireland’s claim for damages against the children, based on a calculation of loss of rental income due to delay in securing possession, also remains on hold pending judgment. The bank claims the children have been in unlawful occupation of the property for some time.
Final submissions in the appeal were made yesterday by Cian Ferriter SC, for the bank, and Ross Maguire SC, for the children. The children have appealed against a High Court decision by Mr Justice Brian McGovern on July 31st upholding the bank’s claim it was entitled to possession of Gorse Hill on foot of securities provided over loans made to the parents.
Valued at €30m
The house and 3½ acres are now said to be worth between €6 and €7 million but were valued at €30 million in 2006 in statements of net worth of Brian O'Donnell and his wife, Dr Mary Patricia O'Donnell.
Gorse Hill is owned by Vico Ltd, an Isle of Man company. The Vico shareholding is owned by a discretionary trust set up in 1997 by the O’Donnell parents in favour of their children.
The legal dispute centres on whether Gorse Hill was an asset of the trust legally and beneficially owned by the children and whether the bank was aware of an alleged breach of that trust arising from the giving of the Gorse Hill property in 2006 as security for the loans.
