Ex-Dragon's Swiss chalet sold as part of AIB case

THE LUXURY Swiss property owned by businesswoman Sarah Newman, which was at the centre of an AIB case against Ms Newman and DJ Carey, has been sold.

AIB indicated that it was to move against the property last May after the bank was awarded judgment of €9 million against Ms Newman and her partner, former Kilkenny hurling star Mr Carey, arising from loans, and guarantees they had given for each other’s loans.

Both Ms Newman and Mr Carey had requested a stay on the judgment orders of three months. While the judge agreed a stay of four weeks in relation to Mr Carey, he refused a stay in the case of Ms Newman, noting that the bank wanted to be able to move quickly against the Swiss property.

A spokeswoman for AIB said the bank does not comment on matters related to individuals’ loans.

Chalet Grace, which is named after Ms Newman’s daughter, was for sale for 15 million Swiss francs (€12.1 million).

The 450sq m chalet is located in the ski resort of Zermatt, with panoramic views of the Alps. It sleeps 14 people. It also has a cinema, wellness centre and games room. The property rents for up to £40,000 per week in peak season.

The sale of the chalet was complicated by the fact that it could only be sold to Swiss residents or holders of a “B permit”, an annual residence permit available to people working in Switzerland.

However, moves had been made in the last few months to change the status of the property to a commercial property so that it could be bought by a non-resident.

In the commercial court in May, Ms Newman and Mr Carey were each ordered to repay €9.5 million in connection with loans and guarantees related to properties in Mount Juliet in Kilkenny and the K Club in Co Kildare.

The judgment of €9.5 million against Carey related to a €7.85 million mortgage loan he took out in April 2007, which was secured on properties in the K Club and Mount Juliet, plus his guarantee of a €1.5 million loan taken out by Ms Newman the same month.

The judgment against Ms Newman arose from her guarantee of Mr Carey’s €7.85 million loan, plus the €1.5 million mortgage that was secured on a property at the K Club.

Both consented to the judgment against them.

Ms Newman, originally from England, moved to Ireland in 1994 to found Needahotel.com, which she sold to multinational Cendant in 2006 for an undisclosed figure believed to be in the region of €50 million.

She came to prominence as a panellist on the first RTÉ series of Dragon's Denin 2009.