Irish

Tuesday 29 July 2014

Spectacular O’Reilly Glandore holiday home for sale

House on market after AIB moved on loans

Ailish O'Hora and Conor Feehan

Published 21/05/2014|12:28

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Shorecliffe, Glandore, Co Cork

STATE-owned Allied Irish Banks is trying to force businessman Sir Anthony O’Reilly to immediately repay loans of €4m which were secured against his holiday home.

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The bank is trying to get the High Court to make a judgement against him, after the loans were secured against a property he owns in Glandore, Co Cork - Shorecliffe House.

Mr O’Reilly previously served as chief executive of Independent News & Media – the owner of this website and a number of other publications including the Irish Independent, Sunday Independent and The Herald.

The Irish Times has reported that AIB will also seek judgement against Brookside Investments, the company that owns the coastal estate in west Cork, as well as Indexia Holdings, Sir Anthony’s private investment vehicle that holds his near 5pc stake in INM, and his share of the oil explorer Providence Resources.

It has also reported that his Georgian property at 2 Fitzwilliam Square in Dublin is for sale with a guide price of about €2.3m.

Attempts to contact the businessman for comment were unsuccessful.

AIB began to move in on Mr O’Reilly last week, when it issued proceedings against him, the first step in obtaining a summary judgment.

The well-known businessman will have the opportunity to dispute the claim.

It is reported that Mr O’Reilly re-mortgaged his Glandore property with AIB in early 2009 at the height of the financial crisis.

He had the property valued at €4.3m. Glandore is one of the most sought after holiday locations in the country. AIB lent him almost €4m, secured on the house as well as on Brookside’s bank balance of €278,000.

He also gave the bank a personal guarantee, giving it the right to pursue all of his assets in the event of default.

This month, Indexia began to sell down his INM stake.

The Cork property is being sold by Charles McCarthy Estate Agents in Skibereen, Co Cork.

Shorecliffe House is six bedroomed classical Georgian residence on about six acres with private direct access to the harbour.

It enjoys panoramic views over the harbour, coastline and ocean.

The 3,500 sq foot house was run was run as a republican training camp under the guise of an Irish language school in 1919.

Within the grounds are three other self-contained properties known as The Mews, The Flat and The Studio.

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