Kinnitty Castle, Kinnitty, Co. Offaly (-5000k, -35.7%)

[mambo]

Was to be sold for 14.0m in 2006
independent.ie/national-news … 04162.html

Now 9.0m
daft.ie/searchsale.daft?id=327575

[provost]

Owner ‘devastated’ as bank seizes Kinnitty Castle
independent.ie/national-news … 49311.html

A €12.6m deal for the sale of the hotel collapsed in 2006 and led to two years of legal wrangling which delayed putting the property back on the market.

The Hanly Group paid a €1.26m deposit to secure the hotel in 2006, but the deal fell through and went to the commercial court when the deposit was not returned. But a settlement of €750,000 was made to hotelier Alan Hanly, which ended the two-year battle.

The owner said he decided to postpone the auction after a report in the Irish Independent stated that the property’s value had decreased.

[VOR]

It is not worth €2M when you include all the work that needs to be done.

[provost]

Eh, it might be posted on another website but libel is libel buddy. We can be sued even if we’re quoting it. I’ve sniped you’re post but left the last line which pretty much sums up your opinion less the libel.

Also, the property now for sale at €9.8million:
myhome.ie/commercial/search/ … -co/104057
daft.ie/searchcommercial.daf … 9&search=1

and POA here:
property.rte.ie/residential/sear … GNWQ338078

[provost]

Hoteliers bid to remove receiver
irishtimes.com/newspaper/ire … 13508.html

THE OWNERS of Kinnitty Castle Hotel in Co Offaly have taken High Court proceedings to remove the bank-appointed receiver to the premises.

The Ryans want court orders restraining Mr Taite acting as receiver; compelling the defendants to obtain court approval for any offer below €10 million for the property; and ensuring proper marketing of the property.

In an affidavit, Mr Ryan said he bought the hotel in 1994 and mortgaged the property to IIB bank in 2004 for €5,871,000. He owes the bank more than €6 million. He said a deal to sell the property for €12.6 million in 2006 had fallen through, but he had been trying to sell the property since then and had agreed to a tendering process to conclude on November 27th.

He said the hotel was valued at €9 million and offers of €10 million by a German consortium as well as other bids of €8 million and $12 million were made.

A “damaging newspaper article” of November 11th had incorrectly stated Kinnitty Castle had been sold for €11.6 million in 2006, he said. It also stated two estate agents had said the hotel could achieve a greatly reduced price between 30 per cent and 50 per cent less, which suggested the asking price was as low as €5.8 million. As a result, he had no option but to withdraw from the tendering process.