Gorse Hill is worth around €7m any day
Published 30/04/2015 | 02:30
Gorse Hill is worth €7m "any day of the week" according to experts working in Dublin's luxury property market.
Estate agents are likely to be hired by Bank of Ireland's receivers to sell the massive Killiney Home in the coming weeks after the long legal battle involving solicitor Brian O'Donnell and his family.
Depending on interest, the house, which resulted from the joining up of two period homes 12 years ago, may go for up to €9m but the upper end of the Dublin trophy home market is a fickle one.
Yesterday agent Stephen Day of the Lisney agency, which has sold many of the top homes in Dalkey/Killiney, told the Irish Independent: "There might be better houses in the area but there are very few sites better than this one."
Mr Day would not be drawn on value, but added: "I think the likely buyer is an Irish person living in the UK.
"The site of 1.25 acres has dramatic and almost unmatched eagle's nest sea views along the coast."
However, auctioneers are unlikely to relish selling this property even though its exterior and site area has probably been the "most viewed" in Ireland over the past few months as one of the country's most followed repossession stories.
This means that a public auction by vendors Bank of Ireland - the most transparent process - is likely to be ruled out given that so many members of the public will want to traipse through the property.
In addition auctioneers are likely to recommend to the bank that the property is sold with the caveat attached that further legal action may be pending following Mr O'Donnell's pledge to take an appeal to the European Court of Human Rights.
"Whoever buys it may well do so with the expectation that they might have to move out after they've moved in," another market source said last night.
Sources generally agreed that if Bank of Ireland were prepared to sell with further action pending, then they would be better launching the campaign in autumn rather than attempt to squeeze a sale in before the summer lull.
And while cameras have been all over the site and the exterior with its grand pool, garden ornaments and spectacular views across Killiney and Dalkey, the mansion's interiors remain a mystery.
While the New Land League's Jerry Beades famously described the property as "bog standard," this is a very large home and Mr O'Donnell, who has upgraded dozens of properties in his years as a developer/investor is generally acknowledged to have commissioned quality work.
At 9,000 sq ft, including six bedrooms, a sauna, gym, tennis courts and the aforementioned pool, this property is just over eight times the size of the average family city semi.
However, a quick sale is not guaranteed and the price will be key to a successful sale.
Sorrento Terrace, perhaps the most famous house in the Dalkey/Killiney area, has been on the market unsold with a tag of €12m since October 2013.