Runaway developer's luxury home sold for €3m
THE luxury home of runaway developer and former Howard Holdings kingpin Greg Coughlan has just been sold for over €3m.
It is believed to be the highest price achieved for a modern private residence outside Dublin since the property crash began.
Fastnet House, the Coughlans' 6,000 sq ft contemporary mansion at Ardbrack directly overlooks Kinsale harbour in Co Cork.
It cost the Coughlans €6m to build during the Celtic Tiger years, including a spend of more than €1m just to prepare the site.
Among its features are a hotel-standard swimming pool and a home cinema.
A spokesperson for the joint agents who conducted the deal – Colliers International and Cohalan Downing – said: "We cannot comment on this matter other to say that Fastnet House has recently been removed from the market. The property is no longer for sale."
The house is believed to have been bought by a London-based buyer with Irish connections. The property was sold by Anne Coughlan, the former developer's wife.
The property, which took two years to build, was vacated by the former Howard Holdings co-founder after commercial court orders of more than €60m were served against three of the company's directors in 2010.
The company had received most of its funding from Anglo Irish Bank and at one stage it boasted it had €2bn worth of projects lined up – including contracts for the London Olympics and a €1bn scheme to overhaul the Cork City Docklands.
Mr Coughlan subsequently fled the country after failing to disclose his assets in accordance with a court order.
At the time, his lawyers testified in court that Mr Coughlan had been having "a feeling of impending doom" and that he "needed to spend some time away from it all".
Gardai later found him missing when they called to his home in March 2010 and he has since been spotted both in London and in Portugal.
The property was designed by Scott Tallon Walker – the prestigious architectural firm which worked on Howard Holding's €100m City Quarter development.
The property was brought to the market more than a year ago by his wife Anne, initially with a €3.5m price tag attached. It is believed to have been sold with an acre-and-a-half of gardens attached.