Elliotts suing Dunnes for millions over property row

Cavan-based property firm, P. Elliott & Company Ltd is suing Judge Cormac Dunne and his son over a multi-million euro property deal fallout. Cormac Dunne, a businessman and former solicitor with an address at Latt and his son Gavin, Lansdowne Manor, Swellan Lower, both of Cavan town, are being sued for sums totalling more than €7.2 million. The action was brought by Elliott & Co. and its directors Mark, Darragh and Noel Elliott Junior. The proceedings were heard in the High Court on Monday, when Mr. Justice Peter Kelly transferred the case to the Commercial Court. The action arises from alleged agreements by the Dunnes to buy 20 apartments in Dublin, secured on deposits amounting to €190,000. Paul Sreenan SC, for the Elliotts, said the plaintiffs had entered into contracts in January 2007 with Cormac Dunne and Gavin Dunne for the purchase by both men of ten apartments each at a development at Carrington Park, Northwood, Santry, Dublin. Both men were to each pay sums of €3.6 million for the apartments. The court also heard Cormac Dunne had paid a deposit of €100,000, while his son paid €90,000. Mr. Sreenan said Cormac Dunne indicated in January 2008 he and his son were not completing the purchase. It is claimed, at a later meeting between Cormac Dunne and Mark Elliott at the Berkley Court Hotel in Dublin in July 2008, Cormac Dunne agreed, on behalf of himself and his son, to unconditionally close the sale of twelve of the 20 apartments within a reasonable time. The Elliotts claim the Dunnes were not released from the agreement for 20 apartments until the July 2008 agreement was complete, which was not done. Elliott"s had later served completion notices in relation to the 20 apartments on December 4, 2008. Solicitors for the defendants wrote on December 22 last stating their clients were not required to complete the contract because they could not obtain the necessary finance. The defendants had contended the July 2008 agreement was also dependent on their ability to raise the required finance. Mr. Sreenan said his side did not accept the July 2008 agreement included a term relating to the defendants" ability to raise finance. He said there were other business disputes between his client and Cormac Dunne and discussions were held in an effort to resolve all the issues but these had failed and this led to the court proceedings being initiated.