herald

Tuesday 25 November 2014

McFeely's mansion a snip at just €3m

IT was once his pride and joy: the Dublin 4 mansion that bust developer Tom McFeely and his family called 'home'.

But the luxury Ailesbury Road property is now on the market for €3m, a fifth of what it was worth a few years ago.

NAMA advertised the property for sale just hours after the Priory Hall developer lost his High Court bid to regain his former home.

The sale of No. 2 Ailesbury Road -- known as Coolbawn -- is being handled by Colliers International.

In August, a NAMA subsidiary took control of the property after Mr McFeely defaulted on his €9.5m mortgage.

Despite its location and grand design, Colliers indicates in its brochure that the home is in need of a facelift.

"The property will require some modernisation and presents an ideal opportunity to create a home of distinction in one of Dublin 4's finest residential roads," it says.

"All of this within easy reach of a number of Dublin's top schools ... and close to all the shopping facilities of the Merrion Centre and within striking distance of the city centre."

The house features five bedrooms, kitchen, living room, breakfast room, dining room, drawing room and several bathrooms.

Interest

It has timber floors, marble fireplaces and French doors.

Coolbawn was once the home of the German ambassador to Ireland and is expected to attract significant interest.

However anyone interested in viewing the home of the former IRA hunger striker can do so only by appointment.

Mr McFeely lost his battle to reclaim the home yesterday after his challenge was dismissed by the High Court.

NAMA subsidiary National Asset Loan Management Ltd (NALM) seized the property on August 11 following a circuit court case.

High Court judge Mr Justice John Hedigan said he could not overturn the circuit court order: the case appeared to be "open and shut", he said.

noconnor@herald.ie

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