Entrepreneur with Tyrone roots settles legal action over estate

A TYRONE-born businessman has received the go-ahead to sell his luxury estate in Cork after legal proceedings in the Irish High Court were settled.

Des McGahan (70), originally from Dungannon, had been seeking 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 Ballinacurra House in Kinsale.

Named Wedding Venue of the Year in 2017, Ballinacurra House has attracted a glamorous clientèle during the last 25 years, including royalty, politicians and A-list celebrities such as Michael Jackson.

Mr McGahan and his wife, Lisa, initially put the property on the market in 2021, but the sale was frustrated by an unfortunate series of events, including Covid and the impact of Brexit.

Then, in February this year, the property was put into receivership without warning, and a High Court case was launched by the McGahans.

In the course of the proceedings, their barrister, Keith Farry, outlined to the court how Mr McGahan had undergone 18 months of surgeries and treatment for cancer, adding that his health had been adversely affected due to the alleged ‘intimidating and aggressive actions’ of the receiver and the security agents.

After the case was settled last Thursday, the receiver will vacate the property, and all security agents will be removed, returning the property to the McGahans.

Mr McGahan said, “It is regrettable that we had to sue the fund and the receiver, however we are delighted with the outcome.

“We are now able to resume the sales process with our interested parties.

“This trophy asset in Ireland’s golden postcode of Kinsale will be a valuable acquisition for someone who recognises the quality and massive potential on offer.”

The entire estate is now back on the market for offers in the region of 5.5 million euro, with a number of other elements on offer such as the contents.

One of ten children, Mr McGahan was brought up in Dungannon before leaving on a boat to England in 1972 with just £20 in his pocket.

He spent a year homeless on the streets of London, before making his own way to Australia to find his fortune.

Since buying Ballinacurra House in 2000, the historic Georgian property has been fully restored at a cost of over 6m euro.