Price reflects hard times
Published 20/11/2012 | 05:00
LIKE many a distressed borrower, Priory Hall developer Tom McFeely has fought a tough battle to hold onto his family home.
When NAMA moved to possess Mr McFeely's Ailesbury Road home, the former IRA hunger striker said the action might satisfy "some of the begrudgery" of the residents of Priory Hall.
The sale of Coolbawn, former official residence of the German Ambassador, may indeed inspire a sense of schadenfreude amongst some of those Priory Hall owners, who were evacuated from their condemned apartments because of fire safety concerns. Most, however, just want to return to their homes. Mr McFeely says he has been ruined by the collapse of his property empire and the proposed sale price of Coolbawn is a sign of these beleaguered times.
Once valued at an eye-watering €15m, and bought with the help of a €9.5m loan by Mr McFeely and his US-born wife Nina, the embassy belt property is now on the market for €3m.
The resplendent mansion, once complete with solid marble fireplaces, ornate ceilings and glimmering chandeliers, was also home to a huge Celtic cross, engraved with the faces of 10 of Mr McFeely's dead hunger-striking comrades.