The National Asset Management Agency has been granted an order for the possession of developer Tom McFeely's home in Ballsbridge.
The order was granted by the Circuit Civil Court today.
But Judge Jacqueline Linnane has adjourned until Friday the question of putting a stay on the order.
Mr McFeely's wife, Nina is to ask the judge to allow her to continue living in the €10m home at number 2, Ailesbury Road, until one of her children completes his Leaving Cert exam in June next year.
The court heard the McFeelys obtained an interest only mortgage loan of more than €9.5m in December 2006 from the Irish Nationwide Building Society which had been defaulted on.
More than €500,000 was also outstanding in unpaid interest.
Lawyers for the McFeelys said there was little defence the couple could present to the NAMA recovering the property on foot of the mortgage.
But barrister, Martin Canny, said he would be applying for a stay.
He said Mr McFeely, who was the developer of the Priory Hall complex in Dublin, now spent most of his time living in London.
But he said the McFeelys' two teenage children continued to live with their mother in the family home and he said he would be asking the court to allow the family to remain in the house until one of the children who is 17, had completed his education.
Senior Counsel, Michael McDowell for NAMA, said they were prepared to agree to a stay of several weeks on the possession order to allow the family to find alternative accommodation.
But he said NAMA would not be agreeable to a stay until the youngest child had finished his education.
The judge said that in order to grant a stay to the family she would require documentary proof that the property had been insured or that an insurance company was dealing with an insurance cover application.
Mr McFeely was declared a bankrupt in London in January.
