Another NAMA developer’s mansion comes onto the market with 70% discount

Spare a thought for poor old David Agar, the anxious NAMAed developer now contemplating post-NAMA life driving a Ford Cortina and living in a 3-bed semi – by the way, David might have some legitimate grievances towards NAMA, but his “Cortina” comments didn’t do much to bolster his standing. Fellow NAMAed developers, on the other hand, have already seen their mansions put on the block at a fraction of their peak values.

The Irish Times today reports that NAMAed Derek Quinlan’s adjoining properties at No 1 and 3 Shrewsbury Road in Ballsbridge, Dublin have finally been sold for a reported €5.5m which was 30% less than NAMA was seeking last year, and 80% less than the price reportedly paid by Derek in the first place in 2006. There is a superbly detailed account of the properties, with photographs, from the DublinEstates blog which first reported the sale over a week ago. It would be inaccurate to describe these adjoining properties as Derek Quinlan’s own mansion – the intention was to develop the property into a super mansion, but meantime it doesn’t seem like Derek ever lived at the properties.

Last week’s sale on Shrewsbury Road comes on the heels of the sale of NAMAed Robert Butler’s mansion in Adare Manor in Limerick, first reported by the Limerick Leader last month  The 16,500 sq ft mansion was apparently worth €12m at the height of the boom, had an asking price of €2.9m and eventually sold for €1.9m, over 80% off its peak value.

Today the Irish Times reports that NAMAed John Lally’s Humewood Castle in county Wicklow has come onto the market with an asking price of €8m, which is 70% off the €25m purchase price in 2006. Although John Lally might be in NAMA, it is not clear if Humewood Castle is subject to, or associated with, a NAMA loan. Reports reached here last year of weekend parties at Humewood and the impression was that John Lally hadn’t heard that the music had stopped and the party was over. Whether or not that is true, the Castle has a colourful history – it emerged in January this year that the arrested German internet millionaire, dubbed “Kim Dotcom”, the man behind the Megaupload website had partied at Humewood in 2009, and under its previous owner, Renata Coleman, it had played host to Hollywood’s then-Golden Couple, Brad Pitt and Jennifer Aniston. But as that relationship has gone south, so have the fortunes of John Lally and his company Lalco which reported a loss of €173m in 2009 and net liabilities of €393m. The joint agents for the 38,000 sq ft property on 427 acres are Sherry FitzGerald – listing here – and Christie’s International Real Estate.

It seems as if there is still a market for mansions in post Celtic Tiger Ireland, mind you, there’s still no sign of Frank Boyd’s Rademon country estate in county Down coming on the market.

UPDATE: 13th April, 2012. According to Donal O’Donovan in today’s Independent, the loans underpinning Humewood Castle have indeed gone to NAMA, that is sourced from the latest accounts for Lalco Holdings.

UPDATE: 21st December 2012. The Irish Times today reports that US media mogul (with Irish roots) John Malone has bought Humewood for €7.225m. His main Irish vehicle UPC is said to have invested €1bn in Ireland.

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