independent

Sunday 20 April 2014

Price reflects hard times

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.

Irish Independent

Also in this Section

Classifieds

CarsIreland

Independent Shopping.ie

Meet, chat and connect with
singles in your area

Independent Shopping.ie

Meet Singles Now

Findajob

Apps

Now available on

Independent.ie on Twitter

More

Most Read

Daily Deals

Independent Gallery

Your photos

Send us your weather photos promo

Celebrity News