Celebrity couple can give up 1.2 million euros in debt for the family home
Former Miss Ireland and broadcaster Pamela Flood and husband Ronan Ryan can leave without paying a cent of the € 1.2 million debt they owe to the north Dublin house where they have lived rent-free for the past nine years.
Judge Jacqueline Linnane was also told in the Circuit Civil Court that they would not even have to bear the enormous legal costs incurred by two banks trying to repossess their family home on Mount Prospect Avenue in leafy Clontarf, Dublin 3 .
The couple’s attorney, Eoin O’Shea, told the court that restaurateur Ryan and his wife had promised the US Tanager Bank that they and their three children would vacate the property by July 9.
In return, the bank would undertake to limit the couple’s debt to what they can win back from the sale of the property – no litigation costs, no repayment of the € 374,000 arrears built up since 2010 and no liability for the outstanding 1.25 million . € on the mortgage.
Rudi Neuman, Tanager’s attorney, told Judge Linnane that Ms. Flood and Mr. Ryan who received a $ 1.1 million mortgage just before Christmas 2006
Mr. Neuman told the court that the bank had agreed to a four month postponement on the condition that the couple deliver up to € 800,000 worth of vacant property along with “all keys, key fobs and electronic access devices” and Alarm codes “and the obligation to work with an auctioneer to showcase the property.
Mr. O’Shea informed Judge Linnane that the terms of the settlement agreement had been carefully explained to clients who submitted the vacant property proposal accepted by the bank.
Judge Linnane said it was a shame that such a settlement agreement could not have been reached much earlier in the process, and the judge issued court orders in line with the proposed settlement.
The court had previously heard that Mr Ryan, 48, had not paid off his mortgage since August 2010. Ms. Flood, 47, was not named on the 2006 mortgage documents with the Bank of Scotland but was the notifying party to the proceedings following her marriage to Mr. Ryan in 2014.
Tanager, described as an American vulture fund, has a registered office in Clanwilliam Square, Grand Canal Quay, Dublin. She took out over 2,000 badly discounted Irish home loans from the Bank of Scotland nearly 10 years ago. More than 90 percent of those loans were in arrears for two years or more.
Mr Ryan owned three restaurants that were hit by the 2008 financial recession. Ms. Flood, a former host of the television series “Off The Rails” and several RTE shows, won the Miss Ireland contest 26 years ago.
Under the agreement, after two weeks of today’s court case, the couple will give home sellers access to their home in order to photograph and evaluate the property for inclusion in sales prospectuses.