'Secret millionaire' sells paradise island for €2.85m
Published 07/02/2013 | 04:00
A MAYO island, owned by an entrepreneur who featured in RTE's 'Secret Millionaire' series, has been sold for more than €2.85m by receivers.
Nadim Sadek is reported to have spent €9m transforming the island of Inish Turk Beg into a world-class luxury destination.
He bought it for about €1m in 2003 when he is reputed to have outbid Boyzone singer Ronan Keating.
In 2011 Mr Sadek posed as a journalist in deprived areas of Cork for the 'Secret Millionaire' series.
While he was writing cheques for €40,000 on-screen he was also fighting to retain control of the island. However, within months the Clew Bay property was placed under the control of joint receivers Andrew O'Leary and Kieran Wallace of KPMG and they appointed Knight Frank Ireland (KFI) and Sherry FitzGerald as joint agents.
Robert Ganly of KFI, who negotiated the sale, said yesterday it took just over four months to sell, following huge interest from international purchasers.
A UK resident is understood to have bought the 65-acre island with its innovatively designed six-bedroom house complete with large indoor swimming pool with views of Croagh Patrick, as well as five luxurious island houses.
Its facilities also include a floating jetty, a sports complex, facilities for a home cinema, a gym and ceili hall and an outdoor sound system.
The new buyer is expected to move to the island as a permanent residence later this year.
Nadim and Sandra Sadek moved back to London last summer with their four children and he has been managing the career of his singer-songwriter daughter, Shaefri.
The Irish-Egyptian businessman made his fortune from market research and the 2003 sale of his firm, Sadek Wynberg.