Value of Callely's dream home tumbles by 40pc
FORMER minister Ivor Callely faces the prospect of a massive 40pc loss in the value of his luxury west Cork home.
The house -- at Kilcrohane on the Sheep's Head Peninsula -- has been on the market for almost a year and currently has an asking price of €650,000.
However, the plush stone-faced house would have been expected to fetch over €1m had it been sold at the peak of the Celtic Tiger property market in 2006-2007.
The house is being offered via Clonakilty auctioneer Henry O'Leary.
Mr O'Leary declined to comment to the Irish Independent on the ownership of the beautiful property or current market demand for such a home. However, he confirmed the Sheep's Head house listed on his property website is currently for sale with an asking price of €650,000.
The Irish Independent understands that the asking price is negotiable.
The house itself ranks as one of the most impressive properties in west Cork, boasting panoramic views of the local Kilcrohane countryside and the Atlantic coastline.
The two-storey building has its own access to the sea and has meticulously landscaped gardens which sweep down to the rocky shoreline.
The property is listed as: "Beautifully built and perfectly positioned on a spectacular site on the outskirts of the village with breathtaking bay views."
Offering a total floor area of 3,000 sq ft -- which includes a large, detached garden -- the house includes four large bedrooms and lavishly appointed living areas.
The sitting room offers natural stone walls, flagstone floors and a hand-crafted, varnished timber ceiling.
The large kitchen-cum-dining room has windows with incredible sea views -- and similarly boasts the widespread use of natural stone and polished timber.
The property also has a vast terrace area -- perfect for barbecues and summer meals. It is specifically walled to offer shelter from the west Cork winds.
The website stresses that the full impact of the house can only be full appreciated by a first-hand tour.
"Only a personal inspection will reveal this unique home's special touches, positioned between the village and the edge of the bay," it advised.
The house is within walking distance of Kilcrohane village and is located directly on the Sheep's Head Peninsula walk.
Mr Callely has owned the property for over a decade and had the house built to his precise specifications.
Until recently, he used it as a luxury summer holiday home for his family.
When the controversy over his Seanad expenses erupted last month, it emerged that he has since listed the Kilcrohane house as his primary residence.