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Saturday 30 August 2014

Killeen may bag €10m in Mount Juliet sale

John Mulligan

Published 18/04/2014 | 02:30

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A view of the 18th green at Mount Juliet Golf Club.

One of Ireland's best-known golf courses – Mount Juliet in Co Kilkenny – is up for sale and expected to fetch between €7m and €10m.

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The 140 staff of the upmarket resort, which apart from the golf course features a hotel, equestrian centre and a Michelin-starred restaurant, have been told that the property is for sale and that a number of parties have expressed an interest in buying it.

A sale could be confirmed within eight weeks.

Owned by the Killeen Group, the company acquired Mount Juliet in 1987. It has appointed Dublin-based finance firm Key Capital to manage the sales process.

The course, which was designed by golf legend Jack Nicklaus, is reckoned to be among the best in the country.

It has hosted three Irish Open championships as well as two WGC American Express Championships. Among those who have played the course is Tiger Woods, who won the American Express tournament in 2002.

"This course is as well conditioned as any we play in America," he said at the time, playing alongside other well-known golfers including Vijay Singh and Nick Price.

But the Killeen Group, which was founded by the late Tim Mahony, has decided to adjourn to the 19th hole, saying that it has received a number of expressions of interest in the resort and that it has taken a "strategic decision" to exit the tourism business in Ireland.

"The Killeen Group believes the timing is right for this exercise, given the rapidly improving economic climate," it said.

Irish Independent

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