Sunday 19 November 2017

Tony O'Reilly's furniture expected to fetch €300k in rural pub auction

Castlemartin Stud Farm
Castlemartin Stud Farm
Castlemartin Newsdesk Newsdesk

Furniture belonging to Sir Anthony O’Reilly is expected to fetch around €300,000 when it goes on sale in a rural pub next month.

Over 300 items from the 80-year-old businessman’s former home, Castlemartin House, will go under the hammer with the proceeds going towards repaying his multi-million euro bank debts.

The 26,000sq ft Castlemartin and a 750 acre stud farm in Co Kildare was sold on the instructions of AIB last year with the items currently in storage.

Last November Mr O’Reilly, formerly the major shareholder in Independent News & Media, was declared bankrupt in the Bahamas.

Anthony O’Reilly and his wife Chryss Goulandris
Anthony O’Reilly and his wife Chryss Goulandris

He is tax-resident in the Bahamas and has kept a home there since the 1990s.

George Mealy, of Mealy’s Fine Art in Co Kilkenny, told that he is selling the items on behalf of a third party trustee appointed by the Bahmian Court.

It is understood that the trustee will use cash raised from the sale to pay creditors.

Mr Mealy explained that among the most valuable items set to be auctioned off is a mid 18th century carved side table with a shell carved in the front. The item is expected to go for up to €30k

A 150-year-old mirror is likely to fetch a similar price while a ‘three-pillar dining table will be sold for around €20,000.

None of Mr O’Reilly’s valuable painting collection will go on sale at the auction on October 4 at the Longman bar in Thomastown, Co Kilkenny.

Despite this Mr Mealy explained that there will be some extraordinary items on show.

“He [Mr O’Reilly] had a great eye for furniture as well as art. It was all made to a very high standard.”

He explained that there will be bargains for all at the auction. Some of the items will be sold for around €80.

Mr Mealy said: “There is a bargain at every if they are prepared to sit it out.”

The auction is the latest chapter in the disposal of assets belonging to the former billionaire - one Ireland’s wealthiest person.

Castlemartin was sold for€26.5 million, Mr O’Reilly’s Dublin townhouse Fitzwilliam Square went for €3.2 million and his west Cork house Shorecliffe in Glandore was sold for €1.5 million.

Mr O’Reilly’s business empire collapsed following the economic crash in 2008.

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