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Saturday 30 August 2014

Owners still a mystery as Gayle's old €58m home to be redeveloped

John Mulligan

Published 14/03/2014 | 02:30

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Walford on Shrewsbury Road
Walford on Shrewsbury Road

THE owners of what was once Ireland's most expensive home – a €58m house on Dublin's Shrewsbury Road – have avoided revealing their identities as they advance plans to redevelop the site.

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The house – 'Walford' – was sold last year to a mystery buyer for €14m.

It had been bought for €58m in 2005 by Gayle Killilea, the wife of embattled developer Sean Dunne.

But despite the owners' names not being disclosed, it's believed that Ms Killilea could have an interest in the property.

In recent US court proceedings, Mr Dunne conceded that the buyers of Walford last year "could" be either Ms Killilea or his own children.

He admitted to lawyers that he gave Ms Killilea €60m to buy Walford.

It was part of €100m she received from the developer under the terms of an agreement drafted between the pair a year after they married in 2004.

Ms Killilea, a former gossip columnist, sold Walford in 2013 for less than a quarter of what she had paid for it.

The registered owner of the 100-year-old Shrewsbury Road property is now a Cyprus-based company called Yesreb Holding.

The firm applied last year to Dublin City Council for permission to revamp and develop the 100-year-old six-bedroom home and its 1.8 acres of land.

The council expressed concerns about the planned development.

On foot of reservations expressed by neighbouring residents, it also asked Yesreb to clarify the names of its company directors and to provide documentary evidence that the applicant had "sufficient legal interest" to carry out the proposed development.

In a substantial 123-page document just submitted to the council providing additional information about plans for the development, Dublin firm Plus Architecture says that Yesreb does have sufficient legal interest in the property.

Plus Architecture has forwarded the council documents from Cyprus that confirm Yesreb's existence and its director (a corporate entity), but do not reveal the beneficial owners of the company.

Plus Architecture has also provided a copy of the deed of conveyance, which confirms that Walford was sold on March 29 last year to Yesreb.

The vendor details are redacted.

Irish Independent

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