Developer Sean Dunne has consented to an order being made in the Commercial Court directing him to repay €164m to a syndicate of banks.

The application for summary judgment against Mr Dunne was brought by Ulster Bank in its capacity as security trustee for the syndicate.

The money relates to personal guarantees Mr Dunne gave over loans related to the purchase of Jury's Hotel in Ballsbridge in Dublin.

Mr Dunne had planned to build a €1.5bn high rise, mixed development on the site, with a 37-storey tower as the centrepiece.

The plan was rejected in January 2009 by An Bord Pleanála.

The syndicate's case arises from loans given in 2005 to the parent company in the Dunne group, DCD Builders Limited, in connection with the purchase of Jury's.

This morning, after an application by lawyers for Ulster Bank, a solicitor for Mr Dunne indicated that he consented to the judgment being made against him for the amount sought by the banks.

Mr Dunne was not present in court.

Meanwhile, a house linked to Mr Dunne, who is now resident in the United States, has sold for $3 million.

The house, at 42 Bote Road in Greenwich, Connecticut, was bought and renovated and put back on sale in February this year for $4m, before being finally sold this week.

Another house owned by Mr Dunne is also for sale at present for $6m.

The house, in the exclusive Belle Haven private community on the sea in Old Greenwich in Connecticut, was the subject of much controversy after neighbours objected to the scale of the renovations and complained that they were out of character with the exclusive period properties in the area.

A call to the solicitor who acts for Mr Dunne in the United States was not returned today.