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Saturday 30 August 2014

Luxury homes from Kildare to Caribbean are now at risk

John Mulligan

Published 28/06/2014 | 02:30

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Tony O’Reilly’s Castlemartin home.
Tony O’Reilly’s Castlemartin home.
Tony O’Reilly’s Castlemartin home in 1990.

HIS footprint stretches from the Caribbean to Ireland, with grand homes the most high-profile remnants of Tony O'Reilly's remaining assets.

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Among them is his prized 750-acre Castlemartin estate in Co Kildare. That will be key to paying down his debts with AIB and serious expressions of interest have apparently been received from international bloodstock players.

Other properties have already secured buyers.

His house on Dublin's leafy Fitzwilliam Square has found a buyer for €3.2m, while his much-loved holiday home in Glandore, Co Cork – Shorecliffe – has secured a buyer for €1.75m. Mr O'Reilly's Lissadell home in the Bahamas is in the exclusive private and gated community of Lyford Cay.

Away from his properties, the value of other investments have crumbled, including a 15.4pc stake in Irish exploration firm Providence Resources, which is headed by his son Tony.

Shares in Providence Resources have slumped from a high of €8.89 back in September 2012 to just €1.73 yesterday. That means the value of Mr O'Reilly's holding in the business plunged from €89m to just €17.2m in the space of less than two years. Yesterday, Providence Resources reported a €7.2m loss for 2013 compared to a €5.4m loss in 2012.

The remaining 5pc stake in Independent News & Media, held through an investment vehicle called Indexia, is currently worth slightly over €11m.

Irish Independent

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