herald

Tuesday 16 January 2018

Property: NAMA nabs €80m UK home

NAMA is understood to have appointed a receiver to the lavish estate of Updown Court in Surrey. The property was once Britain's most expensive house -- funded by loans from Irish Nationwide, whose former CEO Michael Fingleton (right) has so far refused to hand back a €1m bonus to the State.

No buyers have been found for the mansion which has five swimming pools, 103 rooms, a bowling alley and a cinema. It failed to sell in 2005 for a price tag of £70m (€80m). The home's developer, Leslie Allen-Vercoe, was not personally liable for the debts.

The current owner, NAMA, is seeking to recoup as much as possible and has appointed CB Richard Ellis as receivers to the property who will now try to sell the Surrey mansion.

Irish Nationwide took a charge on the property back in 2002.

The property sits within 58 sprawling acres of landscaped grounds, formal gardens and woodland. Updown Court was rebuilt in 2002 after a disastrous 1987 fire and has had an estimated £30m spent on renovations. It is believed that NAMA could sell the house for £20m (€22.5m) and still make a profit as it imposed a severe discount on the loan.

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