Couple fail to hold on to spa mansion
A BANK is set to repossess a mansion after a couple amassed a debt of more than €5million turning it into a spa and hotel.
Bankrupt Bernadette Fagan, who has lived in Temple House, Horseleap, Moate, Co. Westmeath, for more than 30 years with her husband Declan, was also told the couple would have to pay the bank’s legal costs.
The Fagans took out the loan with ACC Bank in 2004 to develop a hotel and spa on the 14-acre site, but hit hard times in the recession, forcing it to close.
In 2015, the spa reopened, boasting a pool with therapeutic body jets, sauna and steam room, showers, relaxation rooms, nail bar, exercise studio and garden courtyard. But the hotel has since found a new use. The Westmeath Examiner reported in April this year that the resort was set to house 81 asylum seekers, having been approached by the Reception and Integration Agency.
However, having insisted she objected to the cost of the proceedings being awarded against her due to her bankruptcy, mother-of-three Mrs Fagan said after the ruling she was ‘in no hurry’ to move out of her pile. time The to Fagans appeal had a repossession sought more order on the hotel. The threejudge Court of Appeal unanimously decided yesterday it did not have the jurisdiction to hear her appeal as the High Court had already had the final say on the matter. He struck out the case, leaving Ltd clear ACC to repossess Loan Management the house. The court also ruled that she should pay the bank’s legal costs. Her voice trembling, Mrs Fagan told the court afterwards: ‘I just tried to defend my family home... I object to costs being awarded against me on the basis that they have told Mrs bankrupted Judge Fagan’s Brian voice me.’ faltered McGovern: as she ‘I have done nothing wrong. They [the bank] have reduced my life to being a bankrupt with nothing.’ She had earlier told the court: ‘These proceedings are to take me out of my home... It is where I have lived for the past 33 or 34 years.’
The judge said the court was sympathetic to Mrs Fagan’s position – but added that this was ‘no reason to depart from the rules’.
It was previously heard that a €4.82million loan was made to the couple’s company, Temple Spa Ltd, in 2004 and that a further bridging loan was provided in early 2007. But they defaulted on the loan and then refused to meet a demand for full repayment.
A receiver was then appointed over all the assets of the company in 2010, including the couple’s home, hotel and spa. Judgment for €5.78million was awarded at the Commercial Court in 2011. The bank then applied to have the couple made bankrupt in 2012, following their failure to pay and their refusal to allow the bank to take possession of their home.