In 1844, desperate for funds to continue the operation of the silver mine on the island, the incumbent Seigneur, Ernest le Pelley, obtained Crown permission to mortgage Sark's fief to local privateer John Allaire. After the company running the mine went bankrupt, le Pelley was unable to keep up the mortgage payments and, in 1849, his son Pierre Carey le Pelley, the new Seigneur, was forced to sell the fief to Marie Collings for a total of £1,383 (£6,000 less the sum borrowed and an accumulated interest of £616 and 13s).
In 1844, desperate for funds to continue the operation of the silver mine on the island, the incumbent Seigneur Ernest le Pelley, obtained Crown permission to mortgage Sark's fief to local privateer John Allaire After the company running the mine went bankrupt, le Pelley was unable to keep up the mortgage payments and, in 1849, his son Pierre Carey le Pelley, the new Seigneur, was forced to sell the fief to Marie Collings for a total of £1,383 (£6,000 l,ess the sum borrowed and an accumulated interest of £616 and 13s).