Mark Conan, the owner of Dublin’s Market Bar and an adjacent premises, has taken his case to the High Court. He claims that Sherry FitzGerald undervalued the city centre property in order to meet loan-to-value (LTV) requirements of his lender, and that he suffered a loss of nearly €841,000 as a result. The auctioneers deny this claim.
Mr Justice Mark Heslin heard the case, in which Mr Conan alleges that Sherry FitzGerald placed a €1.68 million valuation on the Fade Street properties when they were actually worth €2.4 million. Conan claims that due to the shortfall of €310,000 he had to sell some investments and convert Sterling cash balances in order to meet Vesta’s LTV requirements.
Sherry FitzGerald then applied to have the case dismissed on the grounds of delay. They argued that the delay had prejudiced their business and caused damage to their reputation, but Mr Justice Heslin found no evidence to support this. He took the view that any prejudice felt was minor, and that a fair trial was still possible.
Therefore, Mr Conan’s application was refused, and the case is continuing.
