Noel Macnamara’s obstructive behaviour in blocking attempts to sell the family home at Karaka, part of a relationship property split, saw the High Court ordering him to allow real estate agents access or face liability for contempt of court.
Noel and Sheryl Macnamara separated in 2019. Most of their assets are tied up in two family trusts: properties at Pauanui on the Coromandel and at Karaka south Auckland, together with ownership of central heating installer Oneheat Ltd. Clear identification of the current financial position is proving difficult.
Each filed separate relationship property claims in the High Court. In order to make progress, both signed a consent order giving up control of their family trusts to two independent trustees. The new trustees sold Pauanui. Sale of Karaka is proving problematic.
The High Court was told Noel is living at Karaka with his daughter. He is not paying rent to the Trust. He is refusing access for real estate agents. Karaka has a market value of about four million dollars according to a valuation obtained by the new trustees. They are keen to sell; a $250,000 mortgage is accruing interest at 10.5 per cent. Noel said he would buy, offering three million. This was rejected by the new trustees. Noel asked the High Court to delay a sale until such time as Oneheat’s financial position had been established. He would then be in a position to make a firm offer for Karaka, he said.
Evidence was given that reconciliation of Oneheat’s financials is complicated by allegations Noel has drawn an excessive salary from the company and that he has borrowed money from the company, yet to be repaid.
Justice Downs emphasised the consent order signed by Noel gave independent trustees control of trust assets and the power to sell. Consent orders filed in court have the effect of court orders. Noel was ordered to provide access to Karaka, allowing preparation for sale and holding open homes.
Macnamara v. Macnamara – High Court (16.02.21)
21.032