AT THE peak of the boom, Chicago Spire developer Garrett Kelleher asked €4m for a Dublin city-centre penthouse pad. Now a receiver is willing to sell it for €575,000.
That's a drop of 86pc for the two-bedroom property overlooking the River Liffey and O'Connell Bridge.
Known as Number 10, the duplex apartment is located in the landmark building at 10-14 Aston Quay, between the riverfront and lively Temple Bar.
Mr Kelleher, who owned a number of properties in France, commissioned celebrated French designer Andree Putman to transform the old Aston flat into a stunning New York-style loft apartment.
Now receiver Michael McAteer of Grant Thornton has commissioned estate agents Hooke and MacDonald to sell the Aston Quay penthouse -- and they are seeking offers in the region of €575,000.
Agent Ken MacDonald described the Aston Quay pad as a "stunning penthouse with direct access to Dublin's Central Business District, the IFSC, plus all major entertainment and social areas".
The penthouse spans some 305sqm (3,280sq ft) across most of the top level of the property, making it one of the largest apartments in Dublin city.
"With its panoramic views over the River Liffey, it's ideal for discerning purchasers," he said.
Its unusually shaped, open-plan living and dining room extends to more than 70sqm alone -- the size of an average two-bedroom apartment.
Both bedrooms have views over the river, and one of them is en suite. In addition, there is a fully equipped kitchen and a main bathroom.
Mr Kelleher is best known for his ambitions to build the 610-metre Chicago Spire building. At the market peak, he rolled out a worldwide marketing campaign to sell apartments in the Spire -- but had to surrender the undeveloped site after the property crash, and after Anglo Irish Bank sought to recover its €77m in loans.
Mr Kelleher is reputed to have put about €144m of his own money into the project.
Last December, Bank of Scotland appointed Mr McAteer as receiver of "select subsidiaries and assets" of Shelbourne Development and its owner, Mr Kelleher.
The group added that it believed the decision to ask the bank to appoint a receiver was in the best interests of the assets and stakeholders.
Secured creditors can appoint receivers to businesses or assets where they believe there is a risk that they will not recover the debt.
The debtors themselves can invite secured creditors to appoint receivers in circumstances where they believe that this is appropriate. Shelbourne is believed to owe the bank in the region of €200m.
The group retains control of its other Irish properties, largely made up of commercial premises around Dublin city and county and Cratloe Wood student village in Limerick.