€1m debt judgment recorded against former Mayor of Limerick

A FORMER Mayor of Limerick has received a judgment of over €1m against him by a Danish bank, after a property loan went wrong.

Askeaton Fianna Fáil councillor Kevin Sheahan owes €1,028,904 to Danske Bank, in a case which was brought before the High Court in late October.

Mr Sheahan, who runs an auctioneering business, has invested significantly in property over the years.

When contacted this Wednesday to comment on the judgement, Cllr Sheahan would only say: “This has taken its toll.”

It is understood that the auctioneer had built up a considerable property portfolio.

The judgment, which was published in the weekly debt list on Stubbs Gazette, was registered on October 25 against Mr Sheahan and his wife.

A source close to the councillor said that “he is a victim of the recession like so many others involved in property”.

“He is very unhappy with his treatment by banking institutions and believes if matters were handled differently, there would be a different outcome, as he had tenants in his properties,” said the source.

The veteran councillor was the first chairman of the newly amalgamated Limerick City and County Council in 2014.