An election for the largely ceremonial role is expected towards the end of October.

Last March, Mr Flatley paid off a €6.9 million loan on his Castlehyde mansion to save it from the receiver.

Counsel for building contractor Austin Newport, Stephen Dowling SC, said allowing the new document in at this stage could open up a collateral hearing on the basis of the €10 million valuation.

Counsel for Austin Newport , Stephen Dowling SC said his side say that Mr Flatley used Castlehyde, as a holiday home and as “an ad hoc temporary residence from time to time.”

A security for costs application is usually made when the defendants in the case apply to the court seeking to have their costs covered if they end up successfully defending the main proceedings.

Michael Flatley claimed he was shocked at what he called 'the blatant level' of alleged 'overcharging'

A security for costs application is usually made when the defendants in the case apply to the court seeking to have their costs covered if they end up successfully defending the main proceedings.

Counsel for Flatley, who had lodged €1.4 million in court until the final disputed costs bill was decided upon, told the court that Flatley is “utterly dismayed” at the current position.

The case was back before a judge to decide some costs issues around the recent court appearances.

The entertainer had been given until Tuesday to make the monies transfer into the account of the solicitors on behalf of the lender

When the court resumed at 2pm on Monday afternoon, Counsel for Novellus Finance, Kelley Smith SC said no payment had been made.

Mr Justice Mark Sanfey has given the Lord of the Dance star until 2pm on Monday to complete the matter.

The judge had heard the matter last week and was due to give judgment this Friday.

Michael Flatley's lawyer told the High Court that a neighbouring landowner wishes to purchase the mansion

Counsel said almost €1million in arrears had already been paid off and the loan was no longer in arrears

A three-judge Court of Appeal dismissed the former Riverdance star’s appeal application

The loan was made to Mr Flatley's Blackbird Film Productions Ltd by Novellus Finance Ltd which says there has been default on repayment and which Mr Flatley denies.

Mr Flatley’s counsel said the policy now on Castlehyde mansion is an all risks insurance policy.

The court heard from Mr Flatley’s lawyer, Ronnie Hudson BL that on Tuesday this week the star had increased insurance cover for the mansion from €4 million to €8 million with an added premium of €90,000

As a result of the alleged default, Novellus appointed a receiver over Castlehyde but Mr Flatley and Blackbird moved to block the appointment by getting a High Court injunction earlier this month

Counsel asked that an interim injunction which had been granted preventing the receiver taking steps in relation to the luxury mansion at Fermoy to be continued until the application comes before the Commercial Court.

The receiver was appointed in a row over the repayment of the loan with the film company and Mr Flatley saying that all loan repayments had been made in full by the film company.

Lawyers for the former Riverdance star this week lodged an appeal with the Court of Appeal seeking to set aside the referral of the matter by High Court judge Mr Justice Michael Twomey to out of court arbitration

He has sued several parties including Hiscox S A before the commercial division of the High Court over an alleged €30million worth of damage caused to Castlehyde.

He said he is also doubtful if any insurance company would take over the insurance of Castlehyde House considering the ongoing legal proceedings.

The amount is €5 million more than previously claimed

The 65-year-old star claims that he, his wife Niamh and their son Michael St James cannot reside at the protected structure Castlehyde outside Fermoy, where he has invested over €29 million since he acquired it in 1999