Star Michael Flatley Battles to Keep Castlehyde as Loan Dispute Intensifies
A high court battle is raging over the future of “Lord of the Dance” star Michael Flatley’s Cork mansion, Castlehyde. A receiver was appointed over the property earlier this week, sparking a legal clash between the dancer and a finance company.
A Dispute Over Defaulted Loan Payments
The controversy revolves around a €5.6 million loan taken out in 2023 by Flatley’s London-based film company, Blackbird Film Productions. The loan, for which Flatley acted as guarantor, used Castlehyde as collateral. While Blackbird insists all loan repayments were made in full, a second finance company withdrew its commitment to refinance the loan, claiming Blackbird was in bullish statements pointing to a broader financial dispute.
A Dramatic Turn of Events
The situation escalated last Thursday afternoon when a security firm, acting on behalf of the receiver, arrived at the front gates of Castlehyde. They were met by the estate’s gardener and told to leave. Subsequent legal action by Flatley’s legal team resulted in an interim injunction being granted – a temporary measure preventing the receiver from taking any further action.
The injunction will remain in place until a full hearing takes place. This legal maneuver has bought Flatley precious time in his fight to retain his home.
Claimswert of Allegations and Defamation?
Flatley’s lawyers allege the receiver’s appointment stems from “wrongful misrepresentation.” They claim Blackbird was informed by Novellus Finance, the original lender, that the loan would be redeemed in September. This information supposedly reached the ear of another finance company, interested in refinancing the debt to ensure security for their investment.
Stalling Tactics or Legitimate Concerns?
Flatley’s attorneys claim the CEO of Novellus, William McManus, allegedly told another potential lender that the value of Castlehyde had significantly dropped – placing it at a mere €8-€10 million, inspite of it being already held as a trusted security against the €5.6M loan offered to Blackbird.
An alternative view is that Novellus, unexpectedly, was simply trying prevent a competing offer for refinancing via a hire purchase deal, by another finance house – not open to Flatley, and THIS in turn impacted Blackbird’s attempt to secure a refinance deal.
A Legal Struggle of David vs. Goliath?
late November, Blackbird reportedly offered a 10% stake in Flatley’s business – estimated to be worth €200 Million – in a last-ditch attempt to secure the refinancing involved. However, this offer was rejected, plunging
Flatley’s side is fighting a bold legal battle against a complex financial situation.
What are the potential consequences for Michael Flatley if the court rules against him in his loan dispute concerning Castlehyde?
## Star’s Castle in Jeopardy: A Legal Battle Over Loan Dispute
**Intro Music**
**Host:** Welcome back to the show. Today we’re diving into a dramatic unfolding saga surrounding world-renowned Irish dancer and choreographer, Michael Flatley.
His Cork mansion, the historic Castlehyde, is currently at the center of a bitter loan dispute. Joining us today to dissect this story is legal expert, Sarah Jones. Sarah, welcome to the show.
**Sarah:** Thanks for having me.
**Host:** Sarah, can you give our viewers a brief overview of what’s transpiring with Michael Flatley and Castlehyde?
**Sarah:** Sure. Essentially, there’s a high-stakes legal battle ongoing. According to reports [[1](https://www.irishexaminer.com/news/courtandcrime/arid-41522033.html)], Flatley’s film company, Blackbird Film Productions, took out a €5.6 million loan in 2023. This loan was backed by Castlehyde as collateral, and Flatley himself acted as a guarantor. While Blackbird claims they fully repaid the loan, a second finance company involved in the deal pulled out of a refinancing agreement, alleging that Blackbird was in default.
**Host:** And this escalated quite dramatically, didn’t it?
**Sarah:** It certainly did. Last week, a receiver was appointed for Castlehyde, signaling a serious step towards potential seizure of the property. Security personnel even arrived at the estate to enforce the receivership, but were reportedly turned away by Flatley’s gardener.
**Host:** This seems like a complex situation with potentially serious consequences for Mr. Flatley. What are the potential outcomes of this legal battle?
**Sarah:** That’s right. This is far from over. If the court sides with the finance company, Flatley could lose ownership of Castlehyde. On the other hand, if Blackbird can prove they fulfilled their financial obligations, they could potentially regain control of the property. It’s a high-stakes game with a lot hanging in the balance.
**Host:** Fascinating. We’ll certainly be keeping a close eye on this story as it unfolds. Thank you for joining us today, Sarah.
**Sarah:** My pleasure.
**Outro Music**
