Hasset's estate agents

THE COLLAPSE of Hassett's estate agent in Greystones and Enniskerry has ended in compensation payments of around €150,000 so far to people who had paid deposits to the firm.

Alan Cooke of The Irish Auctioneers & Valuers Institute (IAVI) said that the total is expected to be around €150,000 by the time the Hassett's fall-out is dealt with. It was announced this morning (Wednesday) that Niall Hassett has now been expelled from the body.

There was no answer from the phone in Mr. Hassett's luxury Druid's Glen home yesterday.

Mr. Cooke explained that the money comes from a compensation fund set up by members in the late 1970s to protect client deposits. 'The last payment was made ten years ago,' he said. 'Hassett's are the only estate agent that payments are being made for at the moment. A lot of people would have been out of pocket were it not for the fund,' remarked Mr. Cooke.

While the average payment is €10,000, Delgany woman Ali Gibbon feared that she had lost her €4,000 in SSIA savings when she could get no answer from the office after deciding to pull out of the sale.

She and her boyfriend, David O'Brien from Bray, had decided to buy a house in Killincarrig in February. Their solicitor was away and under pressure from the vendor who said he had another buyer, they paid € 4,000 to Hassett's. They later pulled out of the sale due to planning concerns sur - rounding an extension. 'I phoned t h e Enniskerry office and got no answer. There was a "to let" sign outside the Greystones office so I rang that number and was told that the firm was no longer trading.

Concerned about her deposit, Ali rang the IAVA and was told that Hassett's had ceased to be members from January. She did get word last Friday, however, that the IAVA will compensate her. 'There were a couple of cases just at the start of the year after the firm's membership ceased. We decided not to split hairs,' said Mr. Cooke.

On reports that Ms. Gibbon's deposit money had gone in to an office or petty cash account rather than a client account, Mr. Cooke would not be drawn.

'We did have an audit conducted on the client account with the cooperation of Hassett's. I am not in a position to comment on that.'

'One way or another we have lost money as we have to pay our solicitor,' said Ali. 'We do hope to buy but our confidence has been shaken.'