Sean Dunne's former home now a snip - at €6.5m
Published 17/02/2016 | 02:30
Sean Dunne's former palatial home on Dublin's exclusive Shrewsbury Road is now a snip at €6.5m, after €500,000 was cut from the asking price.
The indulgent 8,700 sq ft mansion, called Ouragh, was built by the property developer in 2002. Mr Dunne had originally bought the site on which the home is built in 1999, for £3m (€3.8m).
The luxury home, where he lived with his wife, Gayle Killilea, features four reception rooms and six ensuite bedrooms over four floors.
It has its own bar, a billiards and media room, a gymnasium and a sauna. It also has a lift.
"The interior is a commanding blend of design and grandeur, with the resulting use being the ultimate in luxury accommodation," the sales brochure gushes.
The house was put up for sale in May last year for €7m. It's obviously hoped that the price cut will stir interest in the property.
It was at one time referred to in US bankruptcy proceedings as Mr Dunne's principal private residence.
The property was Mr Dunne's home until 2007, when he and Ms Killilea moved out. It was subsequently rented out for use as the South African embassy, for €180,000 a year.
When the lease ended, Bank of Scotland seized control of the property and it was put up for sale by joint receivers Michael Madden and Michael Coyle of HWBC Allsop.
Mr Dunne - once known as the Baron of Ballsbridge - had valued Ouragh at €7.5m in statements submitted to a US court when he filed for bankruptcy in 2013, owing almost €700m.
Last week, the Irish Independent reported that Ms Killilea has lodged an appeal against a US court ruling which paved the way for bankruptcy officials to sue her for the return of assets transferred to her by Mr Dunne.
Ms Killilea filed the appeal with the US District Court in Connecticut, aiming to overturn a decision last year which has left her open to lawsuits in Ireland, the US and South Africa.
It is the latest development in a legal battle over whether Ms Killilea was lawfully given tens of millions of euro in cash and property assets by her husband.