In Pictures: Inside Sean Dunne's former D4 luxury mansion which suffers €1m price drop
Published 07/10/2016 | 02:30
A hefty €1m has been knocked off the €6.5m price tag of the former luxury D4 mansion of Sean Dunne and Gayle Killilea.
The six-bedroom property has also benefited from Ireland's biggest ever house makeover in a bid to relaunch it in a sagging trophy-home market. The firm of De Veres, furniture and fine art specialists, were called upon by receivers HWBC and estate agents Colliers to stage the Edwardian style four-storey home at Shrewsbury Road with €100,000 worth of furniture and artwork.
The staging took two weeks to complete and is believed to have cost close to €40,000. The move is part of a plan to relaunch the luxury property to market.
Ouragh has five extra-large reception rooms, a jacuzzi ensuite, its own pub and gym and six bedroom suites.
At around 1,000 sq ft each, the drawing room, master bedroom suite and kitchen dining room at Ouragh are all roughly equivalent in floor space to that of an entire average family home.
The furniture required included a 16-seater antique dining table and chairs worth €15,000 and many extra-large modern art work canvases were brought in to cover the wall spaces.
The new marketing strategy is believed to have resulted from Nama's departure from the receivership. The bad bank originally brought the property to market but the debt for Ouragh is now thought to have transferred to another entity following the disposal of a big loan basket by the bad bank.
The home was originally placed on the market on the instructions of Nama in the middle of last year with a price tag of €7m attached.
This was first lowered to €6.5m and now this weekend the asking price has been cut to €5.5m in the wake of the Brexit referendum result.
Before declaring bankruptcy in the USA in 2013 former developer Sean Dunne lived life extra-large - alongside his wife, the one time gossip columnist Gayle Killilea.
In 2005 Dunne paid a record €380m for a seven-acre site in Ballsbridge and his wife paid €58m for Walford, also on Shrewsbury Road. Colliers agent Marcus Magnier said: "The price reduction is seen as a realistic move by the receivers to secure a sale going forward.
"Staging a property like this is a positive step in helping buyers imagine it as welcoming."