A row over a financial fund's appointment of a receiver over an exclusive estate that has hosted celebrities including Michael Jackson has been settled. Businessman Desmond McGahan had brought legal proceedings where he sought an injunction restraining Mars Capital Finance (Ireland) DAC and receiver Rory Cotter of Crowe Ireland from interfering with the sale of the plaintiff's property known as Ballinacurra House , in Kinsale, Co Cork. When the matter came before Ms Justice Siobhan Stack on Thursday Edward Farrelly SC, with Keith Farry Bl, instructed by solicitor Hugh Phelan for Mr McGahan said the matter had been resolved following a mediation.
While the terms of the settlement are confidential, it is understood the plaintiff will proceed with his plans to sell the property. The defendants, represented by William Abrahamson SC, with Edward Murray, instructed by solicitor Eoin Pentony of Edward Healy LLP said they were consenting to the settlement. The matter was adjourned for several months to allow for the terms of the settlement agreement to be implemented.
In his action, Mr McGahan claimed he and his wife Lisa are the owners and operators of the property, where they also reside with their three children. He claimed that he was attempting to sell the property, which he says is his family home, for between €5.5m and €6m.
He stated that several parties are interested in acquiring the property. Mr McGahan claimed he was unable to sell the venue after Mars Capital, which i.