A High Court action by multimillionaire property developer Sean Dunne over the purported sale of his 50 per cent stake in the Whitewater shopping centre at Newbridge in Co Kildare has been settled on undisclosed terms.
Mr Dunne had taken the action against businessman Kevin Warren in a dispute over the contract surrounding the alleged sale of his share of the shopping centre to Mr Warren last year.
When the hearing resumed on its eighth day yesterday, Mr Paul Gallagher SC, for Mr Dunne, said the case had been concluded and asked that it be put in for mention only on July 4th.
Mr Dermot Gleeson SC, for Mr Warren, said he agreed with that and Ms Justice Mary Finlay Geoghegan adjourned the case for mention only on July 4th.
The terms of the settlement were not disclosed and after the brief hearing, Mr Warren said settlement had been agreed between both parties. Mr Dunne was not in court. Mr Dunne, of Merrion Square, Dublin, had claimed the purported sale of his stake on July 21st, 2005, to Mr Warren, of Northumberland Road, Dublin, was in breach of an agreement that the sale would not be completed until a development agreement had been executed by both parties. Mr Dunne claimed it was understood by both parties that the €37.5 million figure was only part of an overall figure to be agreed under a development agreement to be negotiated by the two sides. Mr Dunne, who recently purchased Jury's Hotel and other sites in Ballsbridge, had sought a declaration from the court that no binding agreement was reached between himself and Mr Warren for the sale of his 50 per cent stake.
Mr Warren denied Mr Dunne's claims and claimed Mr Dunne agreed to sell his stake for €37.5 million and that a €100 deposit paid on August 31st, 2005, secured the deal.
Mr Warren also claimed there was a binding contract between Mr Dunne and Mr Warren for the sale of the former's stake, the contract for which was allegedly agreed in a memorandum of agreement made on July 21st, 2005. He held Mr Dunne had refused to complete the sale and was acting in breach of contract.
The court heard that Mr Dunne was the owner of 50 per cent of lands at Moorfield and Kilbelin in Newbridge, Co Kildare, the site of the Whitewater centre. Mr Sean Mulryan was the owner of the other 50 per cent interest.
