NAMA sells developer's plush €11.5m property for just €2.5m

Anne-Marie Walsh

A PRIME Dublin property owned by developer Derek Quinlan has been sold by NAMA for just over a fifth of what he paid for it.

NAMA sold the large period home and mews on Ailesbury Road -- which Mr Quinlan bought for €11.5m a few years ago -- for a bargain €2.5m.

Mr Quinlan paid €8.5m for 43 Ailesbury Road in 2007 and bought the mews at the back of the house at 18 Ailesbury Road for €3m.

A NAMA spokesperson said he could not give details of the buyer.

The receiver appointed by NAMA confirmed that a sale had been agreed for the property. The Ailesbury sale comes as NAMA is set to auction 14 art works from Mr Quinlan's private collection.

The artworks will be sold in New York and London before Christmas to further reduce the amount owed to the agency.

Mr Quinlan acquired numerous upmarket properties in Dublin 4 during the boom years.

He sold his family home at 6 Shrewsbury Road for €7m last year, having moved to Switzerland in 2009.

Another property, 1 Elgin Road, which he purchased for €7m in 2006, went on the market last March with an asking price of €2.95m.

Also on the market at knock-down prices are 1 and 3 Shrewsbury Road, selling for €7.5m, which Mr Quinlan bought for €27m. It is understood that another property at 79 Park Avenue in Sandymount, owned by Mr Quinlan's daughter, Caroline Brooks, and her husband, has been sold for over €2.5m.

The couple bought the property for €9.5m in 2006.

Meanwhile, 14 paintings owned by Mr Quinlan will go under the hammer at Christie's next month.

Works by Andy Warhol, Jack B Yeats and Paul Henry are among the collection.