Michael Flatley increases insurance cover on his Cork mansion to €10m, court hears

Castlehyde Mansion receives Increased Insurance Coverage

Irish dance legend Michael Flatley has bolstered ‌the insurance coverage on his luxurious Cork mansion, Castlehyde, too a ample €10⁣ million. This ⁣decision follows concerns​ raised‌ by the ⁤receiver appointed over the property regarding the adequacy of the previous coverage. Flatley’s lawyer, Ronnie Hudson, informed ‌the Commercial Court that the ⁤new policy is a comprehensive “all risks” policy, ⁤effective promptly. This upgrade cost⁣ €500,000, significantly increasing the coverage from its original €4 ⁣million. “An additional €2 million of ​cover has been achieved,” Hudson​ stated.⁣ “A ‍€500,000 premium,that is the price of the ‌insurance for‌ Michael Flatley.” The receiver’s counsel, Kelley Smith SC, had previously ​sought to lift an interim injunction restraining the receiver from taking action regarding Castlehyde due to concerns about the insurance. This injunction was granted to‍ Flatley two weeks prior, after a⁤ receiver ⁣was appointed over the mansion due to a loan dispute with his London film company. Flatley maintains that the ​loan had been fully repaid. Smith confirmed that the new policies, totaling €10​ million ⁣and effective until May 2025, address the initial concerns. “The joint ⁣receivers’ interest in Castlehyde is also ⁢noted ‍in ⁤the new policy,” she⁤ stated, adding, “this now appears to ‍allay⁣ any immediate or urgent concerns ⁣on behalf of the receiver.” She⁢ did,though,request the court’s permission to raise any future issues that may arise. Highlighting the security measures⁤ in ⁤place, Hudson emphasized the presence of 24-hour CCTV monitoring ⁢and an alarm system⁣ linked to the local ​fire station and ‌Garda station. He asserted that Castlehyde ​was “not ‘a property⁤ out in the ⁣wilderness'” and that the new ⁤”all risks all perils” policy provided comprehensive protection until May 2025. The issue of access to the property was also raised, with Smith referencing concerns expressed at the time the injunction was ⁢sought. it had been‍ alleged that a security firm, acting on behalf of the receiver, had been prevented from‍ entering the property by a gardener.

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A legal battle is underway between renowned⁣ dancer Michael Flatley and Novellus Finance Ltd over​ a €5.6 million loan. Flatley, best known for his role⁢ in “Riverdance,” is facing allegations of loan default from Novellus, which claims he​ defaulted⁢ on a loan provided​ to Blackbird Film Productions Ltd. The loan was guaranteed by Flatley using his luxurious castlehyde mansion in County Cork as‍ collateral.

Appearing‍ in court, Flatley and Blackbird Film Productions Ltd vehemently denied all the⁤ allegations brought‌ against them. During the proceedings, Flatley’s​ legal representative, Ms.Smith,raised concerns​ about the insurance coverage for Castlehyde. She stated that Flatley had initially “pushed back” regarding the insurance,but adequate coverage seemed to be in place only⁤ as of‍ their presence in court.

Ms. Smith also requested ‍that ⁢any‍ available CCTV footage⁣ from Castlehyde be made accessible to their side. Acknowledging the request, Mr. Justice Mark Sanfey, presiding over the‌ case, adjourned ‌the matter until the new year and ordered the preservation⁢ of any existing CCTV footage.

The outcome of this case remains to be seen, with both sides presenting contrasting narratives.

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This news snippet reports on a legal dispute between Michael Flatley, famous for his role in “Riverdance,” and Novellus finance Ltd. Here’s a breakdown:





**The Dispute:**

* Novellus claims Flatley defaulted on a €5.6 million loan provided to Blackbird Film Productions ltd.

* Flatley used his Castlehyde mansion as collateral for the loan.



**Flatley’s Response:**both Flatley and Blackbird Film Productions Ltd deny the allegations.



**Key Points Raised in Court:**



* **Insurance:** Flatley’s lawyer raised concerns about insurance coverage for Castlehyde,suggesting there might have been issues with it initially.

* **CCTV Footage:** Flatley’s legal team requested access to any available CCTV footage from Castlehyde.



**Case Status:**



* The matter has been adjourned until the new year.

* The judge ordered the preservation of any existing CCTV footage.



**Further Facts:**



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This legal battle is still ongoing,and further developments will likely emerge in the new year.