independent

Sunday 20 April 2014

Tinarana House goes for €3.5m amid fierce bidding

ONE of biggest Irish property deals of 2012 has been signed off on this weekend.

The Sunday Independent can reveal that a 19th Century Victorian property – Tinarana House – which is situated on 270 acres on the shores of Lough Derg has been sold for around €3.5m.

Across the region, it is reported that Euromillions winner, Dolores McNamara had shown a keen interest in purchasing the estate but there is no confirmation as to the identity of the new owner. Speculation is intense that the Limerick mother, who won €115m with a €2 quickpick ticket in 2005, was one of the main bidders for the property. Her current home, Lough Derg Hall, which she bought for €1.7m in 2005, is just a few miles from Tinarana – but the lakeside estate would offer far more privacy and security.

Following an international bidding war, where the initial guide price was €2m, a Limerick firm of solicitors believed to be acting for an Irish buyer beat off competition from Austrian, German, Dutch and British bids to capture the estate. The sale price is almost €10m less than a previous owner received when he sold it to the current seller in 2006.

The selling agents would neither confirm nor deny the sale of the property.

It is estimated that at least €1m would have to be invested into the main house alone to restore it to its former glories. Tinarana operated previously as a health farm when it was owned by Dr Paschal Carmody and his wife, Dr Frieda Carmody. On Friday, Mr Carmody was acquitted in Ennis Circuit Criminal Court of obtaining money by deception from families of two terminally ill cancer patients.

In 2006, Dr Carmody sold the house and entire estate to a development consortium – Tinarana Ltd – and received in the region of €13m. At the height of the property boom, developers of Tinarana Ltd lodged plans with Clare County Council for a major hotel and leisure complex with plans to include an 18-hole championship golf course and equestrian holiday village.

They received permission from the council and the cost of the entire project was set at €100m. But An Taisce objected to An Bord Pleanala who upheld their appeals and the estate fell into disrepair as the worldwide economic crash ended development hopes. Subsequently, the estate was put up for sale on the instructions of the joint receivers and had been on the market for the past four months.

Tinarana, a 16-bedroomed property, was built by the Purdon family of England in the 1870s as a fishing and hunting lodge. The mansion comprises 14,467sq ft and sits on a small raise overlooking Lough Derg.

Sunday Independent

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