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06 Sept 2025
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06 Sept 2025
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A deposit of up to €1 million expected to be paid from national funds for the purchase of Westport House debts
Neill O’Neill
A DEPOSIT towards acquiring the loans attaching to the Westport House estate is expected to be paid to NAMA in the coming weeks. Talks and negotiations are ongoing between NAMA and Mayo County Council and it is anticipated that a deposit of up to €1 million will be paid from national funds later this month to secure the purchase of the debt which was removed from a multi-billion portfolio of distressed loans by NAMA, shortly before that portfolio - named Project Arrow - was sold to international investment group Cerberus last year.
Media reports at the weekend suggested that as there had been little progress reported on discussions between Mayo County Council and NAMA in the months since The Mayo News first revealed last October that NAMA intended to sell the Westport House loans, that the Browne family were facing the prospect of having to sell the stately house and its contents over uncertainty in relation to the debt attaching to the adjoining estate.
Deposit
However, The Mayo News understands that a deposit is expecting to be forthcoming later this month, which will secure the purchase of the loans by Mayo County Council. It is understood that there has been no major developments or discussions in relation to the future running of the estate or what the debt purchase will mean going forward for Westport House and the Browne family, who have owned the house and estate for 400 years. A NAMA spokesperson confirmed to The Irish Times that a draft contract had been sent to Mayo County Council, and they were waiting on a response.
At yesterday’s monthly meeting of Mayo County Council, Cllr Christy Hyland asked Peter Hynes, Chief Executive of Mayo County Council, if he could inform the Council on the up to date position on Westport House. Mr Hynes replied that negotiations are ongoing with the relevant Government department, NAMA and the Council, and that he was not in a position to issue a statement.
He did say however, that he hoped to be in a position to issue one before the February meeting of the Council.
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