Former U2 Accountant Loses Killiney Home Amidst €2.1m Arrears Ossie Kilkenny, a former accountant for the legendary Irish rock band U2, has lost his palatial Killiney home following the accumulation of €2.1 million in arrears. The luxurious property, known as “The Magic Lantern,” once boasted breathtaking views of Dublin Bay and a price tag of €3.5 million. According to Irish Independent, Kilkenny’s financial woes began after he ran into trouble with a failed property development in Portugal. Lenders began pursuing him for unpaid debts, leading to the eventual repossession of his home. Kilkenny was once a prominent figure in the Irish music industry. He served as U2’s accountant for over a decade and was said to be close to the band members. However, his personal finances deteriorated in recent years, culminating in the loss of his lavish Killiney abode. The property, which was completed in 2006, was Kilkenny’s dream home. It featured six bedrooms, a home cinema, a wine cellar, and a gym. It was also set on over an acre of manicured gardens. Kilkenny’s financial struggles have raised concerns about the potential risks facing those who invest heavily in property during boom periods. As the Irish property market experienced a significant downturn in recent years, many individuals have found themselves in similar financial distress. The loss of “The Magic Lantern” is a stark reminder of the consequences of unsustainable borrowing and the fragility of the luxury property market. It also serves as a cautionary tale for those who may be tempted to overextend themselves financially in pursuit of a lavish lifestyle.Paragraph 1:Paragraph 1: Judge John O’Connor received an agreement from barrister Tomas Keys, representing Pepper, to grant a consent order for possession of the Kilkenny’s family home in Killiney, Co Dublin, in favor of the bank due to an unpaid debt of €2,186,434. Paragraph 2: The judge had access to documents outlining the Kilkennys’ financial situation and the ongoing legal case. Paragraph 3: Both parties have reached a compromise, and the Kilkennys have agreed to the possession order in Pepper’s favor. Paragraph 4: The court will stay the execution of the possession order for 12 months to facilitate further discussions and avoid immediate eviction. No costs will be awarded against the Kilkennys. Paragraph 5: Ms. Caroline Loftus of Pepper Finance Corporation reported that the arrears on the Kilkennys’ mortgage had increased by €98,000 to €2,186,434 as of November 2, 2023. Paragraph 6: Mr. and Mrs. Kilkenny were absent during the court hearing, and Judge O’Connor issued the agreed-upon orders. Paragraph 7: Osmond Kilkenny has had a prominent career in show business as U2’s accountant and worked with various musicians and organized events like the controversial Woodstock 1999 festival. Paragraph 8: Kilkenny has held leadership positions in the Irish Film Board and Irish Sports Council and has interests in Ardmore Studios and other entertainment ventures. Paragraph 9: In 2009, Kilkenny advised “Britain’s Got Talent” finalist Susan Boyle and was involved in the founding of TV3 and Special Olympics International.Former U2 Accountant Loses Killiney Home Dublin businessman and former U2 accountant Ossie Kilkenny has lost his luxury home in Killiney, County Dublin, after failing to repay a €2.1 million debt. Kilkenny, who once managed the finances of the iconic rock band, purchased the property for €3.6 million in 2006. However, he defaulted on his mortgage payments, resulting in the lender initiating repossession proceedings. The High Court appointed a receiver to oversee the sale of the property, which was subsequently purchased by an anonymous buyer for €3.5 million. The proceeds of the sale were used to repay Kilkenny’s outstanding arrears. Kilkenny’s financial woes are reported to have stemmed from a failed property investment in the United States. The businessman had hoped to flip the property for a significant profit, but the real estate market there collapsed, leaving him with substantial losses. Kilkenny, who had been living in the house with his family, was granted a brief stay of execution after the court heard that he was in negotiations with an investment group to secure funding that could potentially prevent the repossession. However, those negotiations ultimately proved unsuccessful. The loss of his home is a major blow for Kilkenny, who had once been one of Dublin’s most prominent businessmen. He is now understood to be living in rented accommodation and seeking new investment opportunities.