This article is from page 14 of the 2007-11-13 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 14 JPG
has learned that controversial solicitor Michael Lynn, and his wife, Tulla native Brid Murphy, purchased an apart- ment on Lahinch’s Main Street in 2003 or 2004.
It is understood that the Dublin- based solicitor owes more than €50 million to various banks and lending institutions in respect of the purchase of 78 properties in Ireland and one in the UK.
While many of the properties are registered in Mr Lynn’s own name, a number are registered in the name of Property T Capel Ltd, a company of which he and his wife are sharehold- ers and directors.
Judgement on a claim against Ms Murphy for a loan she took out on the couple’s Howth home was last week adjourned by the Commercial Court until November 14.
Ms Murphy, who is a clinical nurse manager, said in affidavits that she had been unwell earlier this year and had been more concerned with her health than her financial matters at the time.
It is as yet unclear whether the
Lahinch apartment, which is one of eight located above Kenny’s Woollen Mill and Shop on Lahinch’s Main Street, was registered in the name of Mr Lynn, Ms Murphy or Property T Capel Ltd.
The property has an estimated re- tail value of between €320,000 and €350,000 and was developed under NIL FONT EDO PNG NEAL oe
Depending on the conclusion of court proceedings involving Mr Lynn and Ms Murphy, ownership of the apartment could revert back to the banks, who would most likely sell it.
Ms Murphy is the brother of prom- inent Lahinch businessman Paddy Murphy, who manages the Spinnaker bar on the village’s promenade.
It also emerged last week that the Dublin-based solicitor successfully took out three mortgages on the same property during a 20-day period ear- lier this year.
Each of the mortgages was for al- most the full value of the Howth property, which was valued at around €5.5 million.
On Friday last Mr Lynn, whose practice has been shut down by the Law Society of Ireland, was ordered to pay just under €5 million to AIB, National Irish Bank, IIB and Bank of Scotland.