O`Donnel Gorse Hill Mansion Repossession

topmanamillion

I have been following the repossession proceeding's of the O`Donnell Mansion in Killiney with a sense of bemusement and black comedy amusement. These people owe AIB bank E71 million in unpaid loans. They have appealed through the courts system and failed. In my opinion they should vacate this property as it is not in their possession any longer. Under what circumstances do they feel they still own the property?

While I may sound like a cold B*****d let me elaborate on my point of view. I feel nothing but sympathy for a family or for that matter a single person who finds they can no longer afford a reasonable mortgage that pays for a home that was in their means at the time of taking out that loan. I fully understand circumstances can change e.g loss of job, loss of spouse and unforeseen expenses. I am in favour of people in these circumstances been given lee way if there is a possibility loan repayments may be made in future. I would be as shocked as anyone to hear of children being made homeless.

However, none of the above scenarios apply to the O`Donnell family. It appears they lived a high life with homes in various countries. Eventually the party ended and they find themselves in their current situation. They should have the common decency to put their hands up and accept their current circumstances. This would involve selling any remaining assets in their possession, engage bankruptcy and live in a home more suitable to their current means.

Their sense of entitlement where they would come up with a scheme that their children owned the home and as such had nothing to do with their parents financial trouble, simply turns my stomach.

I have no idea what this "new land league" aim to achieve by backing this family while their resources would be better used in assisting people who are working long hours every week and are still failing to meet reasonably modest mortgages. They strike me as an organisation simply aiming to make a name for themselves while being involved in a high profile case.

Brendan Bendar

'Common decency' is a long long way from this scenario, in my opinion.

More like pure greed.

Cannot understand how people have the time and inclination to mount a presence outside the gates.

vicwatson

topmanamillion wrote: »

I have been following the repossession proceeding's of the O`Donnell Mansion in Killiney with a sense of bemusement and black comedy amusement. These people owe AIB bank E71 million in unpaid loans. They have appealed through the courts system and failed. In my opinion they should vacate this property as it is not in their possession any longer. Under what circumstances do they feel they still own the property?

While I may sound like a cold B*****d let me elaborate on my point of view. I feel nothing but sympathy for a family or for that matter a single person who finds they can no longer afford a reasonable mortgage that pays for a home that was in their means at the time of taking out that loan. I fully understand circumstances can change e.g loss of job, loss of spouse and unforeseen expenses. I am in favour of people in these circumstances been given lee way if there is a possibility loan repayments may be made in future. I would be as shocked as anyone to hear of children being made homeless.

However, none of the above scenarios apply to the O`Donnell family. It appears they lived a high life with homes in various countries. Eventually the party ended and they find themselves in their current situation. They should have the common decency to put their hands up and accept their current circumstances. This would involve selling any remaining assets in their possession, engage bankruptcy and live in a home more suitable to their current means.

Their sense of entitlement where they would come up with a scheme that their children owned the home and as such had nothing to do with their parents financial trouble, simply turns my stomach.

I have no idea what this "new land league" aim to achieve by backing this family while their resources would be better used in assisting people who are working long hours every week and are still failing to meet reasonably modest mortgages. They strike me as an organisation simply aiming to make a name for themselves while being involved in a high profile case.

Thought it was Bank of Ireland that is owed the money.

I'd say if it was anyone else they'd have been flung out by now, they are officially trespassing so why aren't the Gardai in removing them?

boardsuser1

vicwatson wrote: »

Thought it was Bank of Ireland that is owed the money.

I'd say if it was anyone else they'd have been flung out by now, they are officially trespassing so why aren't the Gardai in removing them?

It's back before the court tomorrow I believe for that purpose

vicwatson

KC161 wrote: »

It's back before the court tomorrow I believe for that purpose

Afaik, they have until 4pm TODAY to vacate the property, no more court.

boardsuser1

vicwatson wrote: »

Afaik, they have until 4pm TODAY to vacate the property, no more court.

Yeah just read it on Rte, I suspect it'll end up in court again for contempt at the least

coylemj

Brendan Bendar wrote: »

Cannot understand how people have the time and inclination to mount a presence outside the gates.

Cannot understand why RTE haven't asked the people outside the gate if they are being paid to be there which they clearly are. The O'Donnells also own an 8-bedroom house in London which (in their failed attempt to be declared bankrupt in the UK) they claimed was their principal residence, now they've suddenly decided that the mansion in Killiney is their real home.

All of their children are adults, yet the muscle for hire people outside the gate are describing the house as a 'family home' which it clearly is not, it's a trophy house.

I will give RTE credit for one thing - they are describing the people outside the gate as 'the self-styled Land League'.

Brendan Bendar

This is crazy stuff by disillusioned people

Lapin

Vincent Brown's publicity stunt today was great fun.

No doubt he'll pull in extra viewers tonight as a result.

But because tonight's programme is the latest of the People's Debate on tour gigs, he won't have time to go into full details of his adventure and will cover it in full on tomorrow's programme.

More viewers!

Good days work Vinnie

boardsuser1

http://m.rte.ie/news/2015/0305/684617-odonnell/

Panda Moanium

This really is the story that keeps on giving and giving. First you have a Land League member saying he's going to take legal proceedings against Vincent Browne for physical and mental injury yesterday, now this evening same gentleman has apparently had his foot run over by a car driven by Mr. O'Donnell himself. Hope he has a hot line to his solicitor.

You couldn't make it up!

http://www.irishtimes.com/news/ireland/irish-news/o-donnell-s-car-allegedly-struck-member-of-land-league-at-killiney-house-1.2128059

vicwatson

My main question is who's paying all the legal costs? High court and supreme court aint cheap, I thought they were broke?

topmanamillion

vicwatson wrote: »

My main question is who's paying all the legal costs? High court and supreme court aint cheap, I thought they were broke?

Take a look in the mirror. If you are a taxpayer, it is you. The O`Donnells have a E71 million debt so why not throw more fuel on the fire. They will never be able to pay it back so eventually it will end up being the taxpayers problem. There is also talk of them following it to the European court which aint cheap either.
Welcome to Ireland.

vicwatson

topmanamillion wrote: »

Take a look in the mirror. If you are a taxpayer, it is you. The O`Donnells have a E71 million debt so why not throw more fuel on the fire. They will never be able to pay it back so eventually it will end up being the taxpayers problem. There is also talk of them following it to the European court which aint cheap either.
Welcome to Ireland.

I'm confused, they have a debt of 71mill to a private bank, how will I end up paying for it?

Also and more specifically my question, how can they afford to pay to get into the high and supreme courts? How will I end up paying for these costs?

18MonthsaSlave

Ireland through government is the largest shareholder in the bank so the people of Ireland will end up paying because of this property speculator.
In addition to this Government is doing everything it can to support the remaining banks at the expense of the greater society. The less the bank can recoup from delinquent borrowers, the more support it requires.

vicwatson

18MonthsaSlave wrote: »

Ireland through government is the largest shareholder in the bank so the people of Ireland will end up paying because of this property speculator.

Sorry? I'm completely confused now. We the Irish people are the largest shareholders in the private company Bank of Ireland ??? Huh?

18MonthsaSlave

vicwatson wrote: »

Sorry? I'm completely confused now. We the Irish people are the largest shareholders in the private company Bank of Ireland ??? Huh?

yes.

Lano Lynn

the land league sought the three f's ,
guess the new land league seeks just one, F*** the lot of ye.
berties buddy leading them
'ye have all been done and there is nothing ye can do'

the repugnant of ireland

vicwatson

18MonthsaSlave wrote: »

yes.

You'll have to give me more than a "yes", sure you arent confusing boi with aib ?.

18MonthsaSlave

no

topmanamillion

vicwatson wrote: »

I'm confused, they have a debt of 71mill to a private bank, how will I end up paying for it?

Also and more specifically my question, how can they afford to pay to get into the high and supreme courts? How will I end up paying for these costs?

Hopefully I can help here.

When I made the original post I stated the debt was to AIB. That's incorrect and was a mistype on my part. The debt of 71.5 million euro is most certainly to BOI.

vicwatson wrote: »

I'm confused, they have a debt of 71mill to a private bank, how will I end up paying for it?

Also and more specifically my question, how can they afford to pay to get into the high and supreme courts? How will I end up paying for these costs?

I`ll give some back story regarding the current O`Donnell case, as im unsure what details you are aware and unaware of.


O`Donnell once had a property empire worth 1.1billion euro and bank loans of 900 million euro. This failed due to the property crash. BOI has been proactively chasing the O`Donnells for their E71.5million debt since 2011. O`Donnell was also refused bankruptcy in the UK in 2012 as the judge felt the UK was not O'Donnell's base of business. In 2011, BOI came to a settlement that Brian O`Donnell was to repay them in 2 instalments of 26 million. He failed to make these repayments. Thus BOI returned to the courts shortly afterwards, seeking repossession of property. This case has been on going since then up to its current point.

BOI wants to repossess the home. O`Donnell contests that it is his children's home and as such they are not liable for his debt. The basis for this assertion is it is based in trust for them. The judge has sided on the part of BOI. However, avenue for appeal is still open to O`Donnell and he is holding it up for as long as he can.

This is where I get to you question vicwatson;

How can they afford to pay to get into the high and supreme courts?

As it stand Brian O`Donnell is a solicitor and is representing himself through out the proceedings. His son Blake O`Donnell is also a solicitor and has also been active throughout the court proceedings. So as you can see no shortage of legal defence. I also believe there are shady figures within the land league working with O`Donnel. Jerry Beades (the head of the despicably named New Land League) is fighting bankruptcy also due to his failed businesses. He is also a Finna Failer and feasted from the trough while times were good. He, and other members within his organisation, have a clear agenda in helping O`Donnell i.e. what helps him will help them. They surely also hope to achieve some notoriety by being attached to this case. I certainly had never heard of them a month ago.

How will I end up paying for these costs?

If you are a taxpayer, you already have and will continue to do so. More than likely future generations will also. Money to bail out banks was sourced from public finances. State pension funds were emptied and taxes hiked to cover the costs of this. The collapse of the economy occurred due to corrupt politicians and regulatory officials, bankers and the greed of property speculators. If you are a banking customer then costs of doing so will increase across the board. O`Donnell is not the only failed property magnet going through the courts. He is however, one of the more high profile people. O`Donnell will be liable for legal costs once the case has ended. I fear this will be just heaped on top of his already mountain of debt and passed on to the taxpayer.


I hope I have answered some questions Vicwatson. I also hope I have done so in a reasonable, educated, well founded manner.

I have followed this case with a mixture of disgust, amusement and bemusement.

On the one hand, I do not know Brian O`Donnell and I have no agenda against him. On the other hand, I do have a strong belief that if someone speculates on property using borrowed money, then that is a gamble. It may provide massive returns as it did for Brian O`Donnell as can be seen with Gorse Hill and all the other luxurious properties he owned around the globe. However, when the gamble does not pay off and he is left in his current situation, It is my strong belief that he should accept that as gratefully as he accepted the many luxuries and riches that he once possessed and face up to his current financial situation. He is clearly not in a position to repay loans that he knew the risk of taking out and as a result BOI are entitled to repossess collateral i.e Goarse Hill. It does not sit well with me that O`Donnell feels he can delay the inevitable at the expense of the taxpayer.

Brendan Bendar

Excellent post.

Make no mistake a sizeable rump of people like solicitors, doctors, dentists, people in the upper echelons of the public service, education, Gardaì,etc etc.,bought into the theory that investment in property couldn't lose and thus invested vast multiples of their collateral in second properties, commercial properties, and buy to let properties.

There was so much money swilling around the one almost seemed like an idiot to refuse the opportunity to take it.

Like, how in forks name could ANYONE justify allowing private citizens like the ODonnells to amass over a billion in hock on various property schemes ?

Beggars belief, the **** in the banks should be in gaol for this.