An executive house arrested by the Coroner over £1.2m debts is to go for sale at public auction in March – with the first of five open house viewings to take place this weekend.

Failte, a four-bedroom detached bungalow located just off Clay Head Road, Baldrine, with panoramic views over Laxey Bay and out to Snaefell, has been on the market since 2021 with an asking price of £1.495,000.

But it has emerged that lender Barclays obtained a default judgment and execution against the property’s owners Failte Property Ltd in January last year in the sum of £1,216,396.

The home is the owner’s only realisable asset.

An order for vacant possession was granted by the high court in July.

The home is now to go under the hammer on the instructions of the Coroner for Ayre and Garff Gareth Leece, with the public auction to take place at the property on Wednesday March 6.

Before that date there will be a series of open house viewings, starting on Saturday (January 27) from 12.30pm to 2pm.

This will be followed by further viewings on February 9, 14, 19 and 27, again between 12.30pm to 2pm on each day.

Estate agents Deanwood, which is organising the public auction, describe Failte as ‘executive detached house in need of renovation’, with ‘stunning location’, ‘extensive’ balconies and established gardens.

Barclays is owed £1.2m in connection with this bungalow in Baldrine

Details of the debts owed by Failte Property were revealed in a court judgment delivered last month concerning a dispute between Barclays and the Coroner over what fees the latter is entitled to in connection with the disposal of the Clay Head Road property.

Barclays argued that he was entitled only to the sale fee but the Coroner maintained they should also receive a collection fee.

In a judgment, Deemster Andrew Corlett ruled that the Coroner was entitled to both fees. He said it made no sense to argue that the Coroner should receive less from a public auction than if they had collected the debt directly.

The court was told that the occupants had vacated the property but the condition of the house was worse than had been expected due mainly water ingress. While it had been thought that it might be worth around £1m, this was now unlikely to be the case.

As a result, Barclays was now facing a greater shortfall that might not be enough to cover the debt. If the property does sell for £1m, the Coroner would be entitled to a sale fee of £10,017 plus an additional 2.5% of the amount collected or 5% if paid in instalments.

Companies Registry shows that Failte Property Ltd was struck off in July 2021. It had one director, a BVI-registered company.

The auction on March 6 takes place at 12.30pm with the property open an hour beforehand. For further details contact Deanwood on 620606.