Settlement agreed in Dunne, CBRE case

Updated: 22:03, Friday, 24 July 2009

Property developer Sean Dunne has settled his High Court action with an estate agent over €1.5m in alleged unpaid fees.

1 of 1 Commercial Court Settlement in CBRE, Dunne case
Commercial Court
Settlement in CBRE, Dunne case

The case was due to resume today when counsel for Mr Dunne, Donal O'Donnell SC, told the court the parties had been able to resolve their difficulties.

Mr O'Donnell handed in the terms of settlement which include that Mr Dunne was withdrawing all claims made against the estate agents CB Richard Ellis (CBRE) which had sued him over the unpaid fees.

Mr Dunne had counter-claimed that they had failed in their duty to him when advising him to buy a building in Ballsbridge for €130m.

Mr O'Donnell said it had also been agreed that €1m lodged in court in advance of the action by Mr Dunne would be paid out to CBRE.

Ms Justice Mary Finlay Geoghegan said she was delighted the parties had managed to resolve their differences given the long standing relationship between them. She struck out the case.

There was no mention today of Mr Dunne's illness which the court heard of on Tuesday, when the case opened.

Mr Dunne's GP told the court he had mild to moderate symptoms of a flu-like viral infection but he has not been diagnosed with the having swine flu.

Tests were to be carried out and the results were to be available today, the court was also told.

Mr Dunne's wife Gayle Killilea, who had been in court for the previous three days of the case, was not in court today when the settlement was read out.

Mr Dunne was to have been a central witness in proceedings being brought by CBRE, which claimed it is owed €1.5m in fees from the sale in February 2006 of a premises known as Riverside IV at Sir John Rogerson's Quay, Dublin, and the part exchange of that with Hume House in Ballsbridge.

Mr Dunne denied the claim and has counter claimed for €35m saying CBRE advised him to buy Hume House for €130m when the nearest competing bid was €102m, and that its true value was between €65m and €95m.

CBRE said it expressly advised Mr Dunne it could not justify significantly more than €65m for the property and denied that its directors, Willie Dowling and Sean O'Brien, persuaded him to bid €130m.

The case was due to last eight days.

Live Player

  • watch live

    Prime Time

  • Next
  • 08:05 - 08:15

    news2day

  • 13:00 - 13:25

    RTÉ News: One O'Clock and Weather

  • Later
  • 13:00 - 13:45

    RTÉ Radio - News at One (Studio Webcam)

  • 16:25 - 16:35

    news2day