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Dublin: 6 °C Wednesday 26 November, 2014

CAB searching former McFeely mansion after €200,000 cash discovery

The Priory Hall developer was ordered out of the house by NAMA in August last year and it was sold for around €3 million.

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(Image: Sasko Lazrov/Photocall Ireland)

DETECTIVES FROM THE Criminal Assets Bureau (CAB) are currently searching the former home of bankrupt developer Tom McFeely after a large amount of cash was discovered by a plumber.

Last Friday, a plumber found €140,000 in cash and detectives from the CAB have now found a further €60,000 – all in €50 notes – hidden in the bathroom, RTÉ reports. No evidence of ownership of the cash has been found and it has been lodged in a High Court assignee’s account appointed after the developer was declared bankrupt.

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The bathroom of McFeely’s former home in Ballsbridge.

The National Asset Management Agency (NAMA) sold McFeely’s mansion, once worth some €15 million, for around €3 million last year after he lost his High Court action challenging repossession.

He was ordered out of his home in August 2012 having defaulted on a €9.5 million mortgage for the property.

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A family member of McFeely moving personal belongings in August last year when NAMA repossessed the mansion (Sasko Lazrov/Photocall Ireland).

McFeely was the developer responsible for the Priory Hall apartment complex in Donaghmede which is now lying idle having been abandoned by the 180 residents because of fire safety defects.

He was handed a three month prison sentence and a €1 million fine for being found in contempt of court last year but subsequently won an appeal in the Supreme Court and was declared bankrupt.

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(Image: Wanderley Massafelli/Photocall Ireland)

Barristers for McFeely argued that the developer had not been able to comply with the order to carry out repairs at Priory Hall because he had been evicted from the site almost two weeks earlier and this was upheld by the judge.

Another court action against the developer over alleged unpaid debts is due to resume in a couple of weeks.

It is expected that the CAB search at the mansion will finish tonight.

Read: In pics: Tom McFeely’s house… yours for just €3m>

Read: Developer Thomas McFeely wins Supreme Court appeal over Priory Hall>

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