Lord of the Dance star Michael Flatley has paid off the €6.9 million loan at the centre of a dispute over his Castelhyde mansion in Co Cork, the Commercial Court has been told.
The entertainer had been given until Tuesday afternoon to make the payment to the account of solicitors acting on behalf Novellus Finance, the lender who had a receiver appointed over the mansion.
Mr Justice Mark Sanfey was told on Tuesday by Ronnie Hudson BL, for Mr Flatley, that the money had been paid.
At issue in the case was a loan made to Mr Flatley’s Blackbird Film Productions Ltd by Novellus Finance Ltd with registered offices at St Stephen’s Green, Dublin in 2023 with repayments of €67,000 per month over two years. Novellus claimed there has been default on repayment, which Mr Flatley denies.
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Mr Flatley provided a guarantee for the loan on the strength of the value of his Castlehyde mansion. As a result of the alleged default, Novellus appointed a receiver over the property
The Novellus side asked the Flatley side to consent to paying the legal costs of the court applications, but his representatives said they had no instructions on the matter.
Kelley Smith SC, for Novellus Finance, told he court the repayment was made at 7.50pm on Monday evening, but she said it fell short, in that it did not include the cost of court appearances on the matter over the last two days and the “62 emails on Monday” in relation to the matter.
She said she anticipated the release of the charge later on Tuesday, once all the matters were attended to and the previously disputed €1.49 million in legal costs and receiver’s costs was lodged in court.
Mr Hudson, instructed by Maxwell Mooney solicitor confirmed the funds had been paid and he said it now showed “status paid.”
Counsel said it was possible the Flatley side would be seeking its costs in relation to the recent applications.
Previously, the Flatley side had asked for Mr Justice Mark Sanfey to hold off on giving his judgment on whether to set aside an interim injunction stopping the receiver taking steps or grant an interlocutory injunction to the Flatley side.
Mr Justice Sanfey said if he had to rule on costs, he will also have to give a judgment on the injunction applications.
Mr Hudson said Mr Flatley will be sending a letter asking to resolve the issues through mediation. He said a judgment on the injunction applications at this stage may cause further delay and cost.
Ms Smith said they “were going backwards” and her clients wanted vindication in relation to its position.
Mr Justice Sanfey said will give judgment next week if it needs to be done, but he put in the case for mention on Friday this week.
