A row over a financial fund's appointment of a receiver over a luxury Cork estate and event venue that has hosted celebrities including Michael Jackson has been settled. Businessman Desmond McGahan had brought proceedings where he sought an injunction restraining Mars Capital Finance (Ireland) Designated Activity Company and receiver Rory Cotter of Crowe Ireland from interfering with the sale of the exclusive estate, Ballinacurra House, in Kinsale, Co Cork. Ballinacurra House has operated as an exclusive, compact, 25-acre private estate and corporate venue, renting at up to €40,000 per week to celebrities, A-listers and corporate entities.
When the matter came before Ms Justice Siobhan Stack at the High Court on Thursday, Edward Farrelly SC, 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, 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 he was attempting to sell the property, which he says is his family home, for between €5.5m and €6m.
He claimed several parties were interested in acquiring the .