But on the other hand keep in mind that Milverton had been left to rot for five years during negotiations with the mortgage lenders. So it is in terrible shape – that must have chased off lots of potential bidders, who would have bid possibly if it did not require approx 2-year fix up work. So that lowered the price perhaps?
I think most of the Ailesbury Road houses I mentioned above had the same issues.
All of the half garden ones needed 1m refits.
Two of the full garden ones were derelict - the last was okay but very old looking
I don’t know where you get your info Neo landlord! This house was lived in until a year ago by a family so lets not get carried away with dramatic and very inaccurate statements. A Wonderful house and undoubtedly a fantastic family home. Great buy.
I suspect if the AMV had been set to at the correct floor of 3.5m, there would have been fewer bidders.
I believe (telephone bidder aside) at least 2 of the top 3 under bidders where not looking until Milverton appeared.
People active in the upper-end of the D4 market expected it to go at c. 4-4.4m (33% of peak value of c. 12-13m).
The original owners had been made an offer of close to 12m just after the peak but wanted more (ouch!)
As it never traded at the peak, there was therefore a degree of subjectivity on this.
Will be interesting to find out who the telephone bidder was (quoted as ‘family trust’)?
Surprised to read above that it was their only bid and killed the competition with a single blow?
And in particular whether it was international (who are doing +50% of top end D4 homes) or Irish hnw.
Now, now, let’s not get too defensive. The question of whether somebody lived in the house until a year ago or until 5 years ago is irrelevant. The house suffers from damp issues among others, as outlined by other posters, and by the Irish Times:
“It’s now in less than top condition. There are ominous looking damp stains in several rooms, possibly from gutters or some roof issue, and the bathrooms with their avocado and turquoise suites and the painted pine 1980s kitchen could do with a complete makeover.”
Anyone with two eyes, or even just one, could see that the house was no show house and required serious effort, especially considering the more serious issues mentioned.
It will be a fantastic family home once renovated, and hopefully they will remove that horrendous Moroccan-esque extension to the rear. At €4.6m it was not a steal, probably wasn’t a ‘Great buy’ either, but presumably the buyer is indifferent to this and just wanted the house - so best of luck to them, hopefully they do a very nice job and do not add a copper flat roofed extension to the rear…
Some additional colour on the Milverton ‘masters of the universe’ auction last week from someone in attendance.
(don’t know if people are interested in this kind of stuff?)
Classic Lisney 2006 auction.
Small semi-d house in Mt Merrion was put up first with an AMV way below current market (would normally have been private treaty).
The assembled ‘money’ in the room watched in horror as the ‘masses’ bid the property 50% above AMV.
It is very unfair to set low AMVs for small houses in auctions as the fees of bidding are felt even more by the under-bidders.
Once this had served its purpose, the room was cleared for the ‘masters of the universe’ part.
Three people bid from 2.75m to 3.3m and then dropped out (couldn’t get to the 2011 bid price of 3.5m).
A fourth left at c. 3.6m (my person wasn’t sure as to exact number - close to the 2011 bid of 3.5m).
Two then took the property to 4m and beyond (one was a well known developer and the other was a rich lady).
Neither were believed to be in the market looking for houses for themselves pre Milverton.
Developer folded at 4.4m (edge of where the ‘smart money’ valued the asset which was 4-4.4m).
Hammer was coming down on the top lady’s bid of 4.5m and suddenly the auctioneer made the room aware of a telephone bidder.
Telephone bidder took a minute to discuss things and then bid 4.6m.
The lady also decided to fold then.
Telephone bidder therefore did it with one bid.
Couldn’t assess whether the telephone bidder was Irish or International (they had never seen the phone operator previously).
@Observer35 - Thanks for the information – probably some London-money Irish too busy to fly over ?? – just a complete guess based on London property rising a lot recently and even a rich type would show up if they were in the country. Unless some Irish resident uncomfortable with their famous face being seen? Interesting mystery?
Scaffolding now erected all around the house, but no planning applications lodged yet. May just clean it up, fix structural issues and redecorate without making external modifications, however if it were me I would be replacing that rear extension.
independent.ie/irish-news/co … 20652.html
A couple are being pursued by Irish Bank Resolution Corporation (IBRC) for €9.9m in outstanding loans secured on a boutique guesthouse, their family home and a villa in Portugal. Noel and Deirdre Comer now live in their guesthouse, “Number 31”, at Leeson Close in Dublin having sold their family home in nearby Herbert Park.
IBRC is seeking judgment against them for alleged failure to repay €9.9m outstanding on €12.3m in loan facilities advanced to them between 2004 and 2008. They had been secured on the guesthouse, the former family home “Milverton”, Herbert Park, and on a villa in Quinta do Lago in Portugal.
A receiver was appointed over Milverton last July and it was sold for around €4.5m, bringing the debt, which had risen to around €14.2m, down to €9.9m and interest on that continues to accrue at €814 per day…The Comers had admitted they had repaid creditors other than the bank despite not making repayments on their borrowings, he said. They have also admitted repaying car loans and a term loan from AIB, Mr Corbett said.
Scaffolding that was erected last year was finally removed in the last 2 days. I don’t know if they actually did anything to the house, certainly doesn’t look like it, but presumably they plugged whatever leaks there were. Still no planning application, so it looks like they plan on letting this one sit pretty and let prices rise.
Owner applied again - successfully - in Nov 2015 (3720/15), and was granted (no objections or appeals needed).
Freehold owner is described in the planning application docs as:
[mod snip, look it up if curious but no need for name and photos on here]
PS - oh sorry mod. the Irish Times article already quotes the name (Mr John Marks - even they are keen to know), but one of the Dublin City drainage reports in the planning applications lists the address (Mr. John Marks 118 Rock Road, Booterstown, Co Dublin.). In fairness, the owner’s address is meant to be on the main planning application (Dublin City council clearly mark the address in all their planning reports on Milverton). Its a breech of planning to mis-represent yourself as owner, so Mr Marks must be the owner and is recognized by Dublin City council as such. This exact address and exact name links with this web-site johnmarks-co.ie/.
I will leave it at that (i.e. understand re photos). Much (if not all) of high-end Dublin have been trying to find out the new owner to this landmark auction in 2013 (see above threads), but it is now available in plain sight.